The narrow waterway that handles roughly a fifth of the world’s oil supply is about to get a lot less dramatic. The US and Iran reached a preliminary agreement on June 15, 2026, at the G7 summit in France, committing to reopen the Strait of Hormuz and end the US blockade of Iranian ports.
What the deal actually says
The interim memorandum of understanding covers two core commitments: the US will cease its naval blockade of Iranian ports, and both sides will facilitate the full reopening of the Strait of Hormuz to commercial shipping.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf signed on behalf of Iran. President Trump and Vice President JD Vance participated virtually from the US.
Trump announced that the strait would be fully open and toll-free by June 17, 2026. Ships, including oil-laden tankers, have already started moving through the partially reopened passage.
