U.S.-Iran provisional agreement reached to reopen the Strait of Hormuz

Following a four-month conflict that began on February 28, 2026, the United States and Iran have signed a provisional agreement to reopen the strategic Strait of Hormuz. The deal includes the resumption of maritime traffic and the lifting of the U.S. naval blockade on Iranian ports. For the first 60 days, passage through the strait will be toll-free, after which Iran plans to levy service fees. Fatih Birol of the International Energy Agency urged an unconditional opening to ensure global energy market stability, noting that over 500 ships and 20,000 crew members had been stranded. Recent data shows early traffic signs, including three Saudi tankers carrying six million barrels of crude and the first French-flagged LNG carrier, Mraikh, exiting the Gulf. Despite the announcement, major shipping companies like Mitsui O.S.K. Lines remain cautious, stating that a return to normal operations could take several weeks until safety is verified. The disruption previously affected 14 million barrels of daily oil production, prompting global energy policy reassessments.