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Jun 23, 2026 Major5
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Iran Declares Hormuz Strait Open and Free of Fees for 60 Days After U.S. Talks
Iran declared the Strait of Hormuz fully open and free of passage fees for 60 days following U.S.-Iran talks mediated by Qatar and Pakistan. Over 400 vessels remain waiting, as mine clearance and high insurance costs hinder full recovery. Partial trade resumed on June 22, with 36 ships transiting the strait — the highest since the conflict began in late February.
Quick Facts
Who
Ali Bahreini
What
Declared the Strait of Hormuz open and free of fees for 60 days
When
June 23, 2026
Where
Strait of Hormuz
- Declared the Strait of Hormuz open and free of fees for 60 days
- Signed a memorandum of understanding between Iran and the U.S.
- U.S. commits to lift naval blockade and unfreeze Iranian assets
- Established a communication mechanism for safe passage
- 36 commercial ships transited on June 22
Iran's permanent representative to the United Nations in Geneva, Ali Bahreini, announced on Monday (June 23) that the Strait of Hormuz is now fully open for commercial shipping and will remain free of passage fees for a 60-day period. The declaration follows a memorandum of understanding signed between Iran and the United States, which includes a U.S. commitment to lift its naval blockade and unfreeze Iranian assets. Despite the announcement, over 400 vessels remain anchored near the eastern entrance of the strait, awaiting full security guarantees. Talks between the two nations, mediated by Qatar and Pakistan, established a communication mechanism to ensure safe passage for merchant ships while a final agreement is negotiated.
On June 22, at least 36 commercial ships transited the strait, the highest single-day figure since the conflict began in late February, according to shipping analytics firm Kpler. This number represents approximately one-third of pre-war traffic levels. Among the vessels were four Qatari liquefied natural gas tankers and two supertankers carrying nearly two million barrels of crude oil each. The partial resumption of shipping came despite Iran's temporary announcement on June 20 that it had closed the strait again due to Israeli strikes on Lebanon; the U.S. Central Command later stated that passage remained "safe and unhindered."
Key obstacles to full recovery persist. According to the independent tanker owners' association Intertanko, about 80 sea mines remain in the main shipping channel, and Western maritime security agencies estimate that mine clearance could take 40 to 50 days even after a final agreement. High war risk insurance premiums are also a barrier; a single voyage by a very large crude carrier (VLCC) can incur over $1 million in cargo war risk insurance, according to MSIG USA. Maritime lawyer Sean Pribyl of Holland & Knight noted that a return to completely normal operations may take "weeks to months" depending on sustained security.
Bahreini also rejected claims that Iran had agreed to allow International Atomic Energy Agency (IAEA) inspectors back into the country, stating that nuclear discussions would take place in a later phase. He affirmed that Iran alone has the right to decide how to use its frozen overseas assets. Further technical consultations between the U.S. and Iran are ongoing in Switzerland, with the aim of resolving remaining ambiguities and establishing a conflict-resolution mechanism to keep the strait fully open.
Why This Matters
This development directly impacts global energy prices and shipping routes: 20% of the world's oil passes through the Strait of Hormuz. For readers, it means potential relief in fuel costs if full traffic resumes, but also ongoing volatility as mine clearance, insurance, and nuclear talks delay a complete return to normal. Shipping and trading firms should monitor the 60-day window for strategic planning, while investors in oil and LNG markets may see short-term price fluctuations.
Timeline & Sources
Feb 28, 2026
WireU.S.-Israeli-Iranian conflict begins; Strait of Hormuz closed.
Jun 16, 2026
WireSatellite imagery shows large number of vessels near Strait of Hormuz.
Jun 17, 2026
WireU.S. and Iran sign memorandum of understanding; U.S. agrees to lift blockade.
Jun 17, 2026
WireU.S. and Iran sign a memorandum of understanding via remote ceremony.
Jun 20, 2026
WireIran re-closes Strait of Hormuz following Israeli attack on Lebanon.
Jun 20, 2026
WireIran temporarily announces closure of the strait due to Israeli strikes on Lebanon; U.S. says passage remains safe.
Jun 21, 2026
WireU.S. and Iranian delegations meet in Switzerland for first talks on implementing the memorandum.
Jun 21, 2026
WireEuropean Space Agency satellite shows 441 large vessels anchored east of the Strait. U.S.-Iran talks begin in Bürgenstock, Switzerland; Trump threatens to occupy Iran.
Jun 21, 2026
WireEuropean Space Agency satellite data records 441 vessels near Sohar and Fujairah.
Jun 22, 2026
Wire36 commercial ships transit the strait, highest since late February.
Jun 22, 2026
Wire36 commercial ships transit Strait of Hormuz for highest total since late February. Four Qatari LNG tankers and two supertankers pass through. Talks conclude with establishment of communication mechanism.
Jun 23, 2026
WireIran declares Strait of Hormuz open and free of fees for 60 days.
Jun 23, 2026
WireIran declares Strait fully open and free of passage fees for 60 days. Iran rejects claims of IAEA inspector access.
Entities
- European Space Agency
- Financial Times
- Ali Bahreini
- Holland & Knight
- Sohar
- MSIG USA
- Fujairah
- Dennis Marwin
- Bürgenstock
- Geneva
- Persian Gulf
- Germany
- Basra, Iraq
- Kpler
- Donald Trump
- Red Sea
- Phil Belcher
- Basra
- Switzerland
- Ebrahim Azizi
- Strait of Hormuz
- Dennis Marvin
- Iran
- Fujairah, UAE
- Sohar, Oman
- Gulf of Oman
- Qatar
- Intertanko
- Bürgenstock, Switzerland
- International Atomic Energy Agency
- United States
- United Nations