On June 23, 2026, ship-tracking data indicated a cautious return of oil and gas traffic through the Strait of Hormuz, following progress in US–Iran talks after disruptions due to threats to close the strait and escalating conflict in Lebanon.
Oman and Iran also announced the formation of a working group to reach an agreement on managing navigation through the strait.
Two very large oil tankers that had been among the vessels stranded in the strait crossed on Tuesday, according to Reuters, while seven empty liquefied natural gas (LNG) vessels linked to Qatar have entered over the past few weeks, an early sign of a possible resumption of gas shipments from the Gulf.
The data indicates that Iran-linked tankers are continuing to cross the vital waterway, with traffic recovering after Washington and Tehran agreed on a road map to reach a permanent agreement within 60 days.
The United States also announced a sanctions waiver until Aug. 21, 2026, easing concerns over oil and LNG supplies and pushing prices lower.
Brent crude futures fell $1.09, or 1.4%, to $76.81 a barrel, while US West Texas Intermediate crude dropped 87 cents, or 1.2%, to $72.99.
But the recovery remains slow nonetheless. Fars News Agency quoted an Iranian military source as saying that only a limited number of vessels were being allowed to cross the strait each day in coordination with the Islamic Revolutionary Guard Corps navy, and that the number of permits varied according to conditions, after a period during which “the strait was closed” and no permits were issued because of “hostile acts by Israel” and reports of US violations of the ceasefire agreement.
At the same time, Oman and Iran said in a joint statement that they would form a working group to reach an agreement on managing navigation in the Strait of Hormuz, along with related costs and services, while holding talks with coastal states and other relevant parties.
Despite the increase in oil and gas tanker traffic, The Insurer said uncertainty around the outcome of US–Iranian talks had kept war-risk premiums for crossing the strait largely unchanged from last week.
S&P Global Energy also said the main risk remains linked to the sustainability of safe passage, insurers’ confidence, and the ability of the memorandum of understanding signed between Washington and Tehran to support a stable increase in LNG exports from the Gulf.
US and Iranian negotiators met during the Lucerne summit in Switzerland for an extended round of talks, which ran from June 21 until the early hours of June 22, amid hopes of opening a 60-day negotiation track over Iran’s nuclear program, sanctions relief, and mechanisms for implementing economic and security provisions.
