The Strait of Hormuz, the narrow waterway between Iran and Oman that historically carries roughly 20% of the world’s oil, is set to reopen under a tentative US-Iran agreement signed around June 19, 2026. The deal envisions restoring normal shipping traffic within approximately 30 days.
How we got here
The crisis traces back to February 28, 2026, when US-Israel strikes on Iran triggered a rapid escalation. The US imposed a naval blockade on the strait, and Iran responded with its own control measures, effectively choking off the most important oil transit corridor on the planet.
A ceasefire established in April 2026 provided a fragile foundation for negotiations. The memorandum of understanding that emerged from those talks includes provisions for lifting the US naval blockade and, on the American side, releasing approximately $24 billion in frozen Iranian funds upon achieving specified milestones. President Trump has referred to the strait as “permanently toll-free” under the new agreement.
Bitcoin tolls on the high seas
