Oil tankers used a U.N.-recommended route near Oman to leave the Persian Gulf despite Iran’s warning that unauthorized crossings of the Strait of Hormuz are prohibited. The crossings come amid U.S.-Iran disputes over control, fees and traffic rules under a temporary reopening agreement.
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Brent crude has fallen to levels last seen before the Iran war as shipping through the Strait of Hormuz gradually resumes. The rebound in traffic follows a U.S.-Iran memorandum setting up 60 days of negotiations, though disputes over fees and vessel authorization remain.
The UN’s International Maritime Organization has begun evacuating more than 11,000 sailors stranded after the Strait of Hormuz was effectively closed during the US-Israel war against Iran. The operation follows a US-Iran memorandum of understanding, though disputes remain over inspections and the strait’s future.
The national average price for regular gasoline fell below $4 a gallon for the first time since March after a preliminary U.S.-Iran agreement to end the war and reopen the Strait of Hormuz. Prices remain well above prewar levels, and experts warn broader cost pressures may persist.
Trump’s 14-point memorandum with Iran extends a ceasefire and promises sanctions relief, but leaves nuclear limits, uranium stockpiles and enforcement details for 60 days of talks. The framework also includes immediate oil waivers, a proposed $300 billion reconstruction plan and provisions on the Strait of Hormuz.
The United States and Iran have electronically signed a memorandum intended to halt the war and launch 60 days of talks toward a final agreement. The document includes sanctions relief, nuclear commitments, Strait of Hormuz provisions and a proposed $300 billion reconstruction plan for Iran.