strikeJun 18, 2026

U.S. Ends Hormuz Blockade as Negotiations Restart - TT

Summary

[Stay on top of transportation news: Get TTNews in your inbox.] U.S. Ends Hormuz Blockade as Negotiations Restart Administration Downplays Concerns About Tolls Key Takeaways: - The United States and Iran began a 60-day interim peace agreement, reopening the Strait of Hormuz to shipping after lifting a U.S. blockade and extending a ceasefire. - The deal eased oil market tensions, with prices falling from recent highs, but critics warn it could grant Iran sanctions relief and access to significant funds. - Negotiators now aim to finalize a broader agreement on Iran’s nuclear program within 60 days, though officials and experts say the timeline may be extended. The U.S.-Iran interim peace deal took effect and shipping started returning to the Strait of Hormuz as the U.S. declared an end to its blockade and a complex negotiating period over Tehran’s nuclear program began in earnest. Vice President JD Vance told reporters at the White House that the 60-day clock for working out the contentious details in the so-called memorandum of understanding signed late June 17 had starting ticking. He downplayed concerns Iran could eventually impose tolls on traffic through the Strait of Hormuz, a move that would turn the crucial transport choke point — widely considered international waters — into a money maker for Tehran. “Well, first of all, we believe international waterways should be free of tolls,” he said, noting that the countries in the region “together will figure out a proper security framework for the straits in the future.” If the strait is not open, “there’s not going to be a final deal.” Earlier June 18, Trump posted on Truth Social that “oil is flowing,” hours after signing a memorandum of agreement to extend a ceasefire and begin negotiations to end the conflict he started alongside Israel at the end of February. Iran’s closure of the strait spiked energy prices, raised the risk of a global economic crisis, and led to chaos across the Middle East. U.S. Central Command announced June 18 that it had lifted the blockade on traffic to and from Iranian ports and coastal areas. “American forces are not impeding the transit of vessels to or from Iranian ports on the Arabian Gulf and Gulf of Oman,” the command said in a social media post. “All U.S. military blockade enforcement efforts have ceased. Our great naval ships will remain in the general area to make sure that all aspects of the agreement are adhered to, obeyed and in full force and effect.” Ships carrying stranded oil began making their way out of the Strait of Hormuz on June 18, while Kuwait said it will start ramping up production, as the peace deal sparked a flurry of activity in the region. Vessels carrying nearly 10 million barrels of oil have either appeared outside the strait or are sailing through, including the first Saudi-owned tankers since the war began more than three months ago. Iran said commercial vessel traffic at southern ports had returned to normal since Monday, according to the semi-official Iranian Students’ News Agency. Today, U.S. forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas, in accordance with the President's direction. American forces are not impeding the transit of vessels to or from Iranian ports. All U.S. military blockade… — U.S. Central Command (@CENTCOM) June 18, 2026 Many shipping and oil executives had previously said they need more clarity, including on whether the strait is clear of mines and whether they need to seek any kind of permission from Iran before sailing through. Iran hawks, including some Republican allies of Trump, say the deal concedes far too much to the Islamic Republic in terms of sanctions relief and potentially unfreezing tens of billions of dollars of funds. Some of have said it is no better than the Obama administration’s 2015 nuclear deal that Trump had called the “worst deal ever.” “Specifically, the $300 billion fund for the reconstruction and economic development of Iran – though not funded by U.S. taxpayers – would make Iran’s payoff under President Obama’s 2015 deal look like a pittance by comparison,” Sen. Roger Wicker (R-Miss.), chairman of the powerful Senate Armed Services Committee, said in a statement. “The Iranian regime has not renounced its ultimate goal — ‘Death to America, Death to Israel.’ The regime will invest every penny it receives to further that aim,” he said. Asked about reports that Israeli Prime Minister Benjamin Netanyahu and his Cabinet are upset about the deal, Vance suggested officials consider that the U.S. is Israel’s strongest friend. Vance “If I was in the Cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world,” Vance said. “The problem for Israel is not Donald J. Trump, and anybody in Israel who thinks their biggest problem is the president of the United States needs to wake up and smell the reality of the situation that country is in.” According to a copy of the memorandum of understanding published by Iran’s President Masoud Pezeshkian on X on June 18, Iran will arrange passage of commercial ships through the strait with “no charge for 60 days only” and traffic is to be reinstated “within 30 days.” Iran will hold talks with Oman to define the future administration and maritime services of the Strait of Hormuz, which will be in line with “applicable international law and the sovereign rights of coastal states” of the Persian Gulf, according to the agreement. It was unclear if Vance would still meet Iranian Parliament Speaker Mohammad Bagher Ghalibaf, Iran’s lead negotiator, in Switzerland on June 19 for negotiations to permanently end the war as planned. He said the U.S. had met its primary objectives for the conflict and suggested it could only benefit from the deal as agreed. “Iran is weakened, their nuclear program destroyed, their economy in desperate straits, and if they change their behavior, big things are going to happen for Iran and for the world,” he said. “If they don’t, no skin off our backs — either way, we win. And that’s the way the president has set up this deal and this negotiation.” Oil fell further on June 18 , with Brent dropping 2.5% to $77.55 a barrel as of 12:38 p.m. in New York. It’s down from close to $95 since Trump said late last week that a deal was imminent. Still, oil remains roughly 30% higher for the year, with energy traders saying it will take months, if not longer, for volumes of oil and liquefied natural gas going through Hormuz to return to normal. During the 60-day negotiation, the sides will try to agree on restrictions on Tehran’s nuclear program and how to dilute or destroy its stocks of highly enriched uranium. Many nuclear experts say 60 days is too short to work out something so complex and technical. The agreement does say the time frame can be extended. The 2015 nuclear deal, which Trump derided and abandoned during his first term, took about two years to finalize. Israel and the U.S. said the conflict was necessary to prevent Iran acquiring atomic weapons. The Islamic Republic has always denied wanting to do that, though it has raised the suspicions of many governments by enriching uranium far beyond the levels needed for nuclear power plants. Eaton's Jason Dinardo and Leah Bogle address common misconceptions about automated manual transmissions and examine what today's drivetrain service environment requires. Tune in above or by going to RoadSigns.ttnews.com. While Iran’s economy has been battered by the war and some of its most senior leaders killed, its ruling regime remains entrenched. The Iranian military proved able to inflict plenty of damage on the US and allies such as the United Arab Emirates by firing thousands of drones and missiles across the region. U.S. gasoline prices dipped below $4 a gallon for the first time since March after the memorandum was agreed. Iran will be allowed to restart oil exports immediately under the memorandum, with the U.S. granting sanctions waivers. Tehran will also potentially benefit from a $300 billion rehabilitation fund that the U.S. and regional allies are meant to set up. The U.S. has said it won’t provide any money but that other countries are free to. The document says the U.S. could unfreeze Iranian funds held in various countries, albeit only if Tehran meets certain criteria. Written byJennifer A. Dlouhy, Omar Tamo and Eltaf Najafizada

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Bloomberg NewsBy Bloomberg News
[Stay on top of transportation news: Get TTNews in your inbox.] U.S. Ends Hormuz Blockade as Negotiations Restart Administration Downplays Concerns About Tolls Key Takeaways: - The United States and Iran began a 60-day interim peace agreement, reopening the Strait of Hormuz to sh…

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Jul 23, 2026strikeUnverifiedUSIranProxy

UK ‘ready to defend itself’ after Iranian threat over US bases

○ 1 source

The government has said the UK is “ready to defend itself” after Iran’s military warned that any bases being used by the US were “legitimate targets”. The UK has allowed the US to launch “defensive” operations from British bases hosting American planes since the start of its war on Iran but has refused to help in offensive operations.

That policy has not been altered by the new prime minister, Andy Burnham, who was notified last week that a decision had been made to extend the agreement with the US. Iran’s Islamic Revolutionary Guard Corps said on Thursday that “any base used for aggression against Iranian territory constitutes a legitimate target for our forces”.

In a statement published on the IRGC-linked Tasnim news agency, the group said American bombing missions had been launched from RAF Fairford in Gloucestershire two days earlier. The statement came after the US carried out a 12th consecutive night of strikes against targets in Iran.

The Ministry of Defence has not commented on whether Fairford was used by the US for operations against Iran this week. The IRGC also accused the “British monarchy regime” of causing being the “primary cause of hardships in our region with a black record of partitioning Islamic nations, widespread massacres, imposing despotic regimes, and organising the occupation of Palestine”.

It warned the government “not to weigh down its record any further”. A spokesperson for the British government said: “Our armed forces are ready to keep the United Kingdom safe from any kind of attacks, whether it’s on our soil or from abroad. The UK stands ready 24/7 to defend itself.

“This includes through operating a layered approach to air and missile defence, provided by Royal Navy, British Army and Royal Air Force assets equipped with a range of advanced capabilities, working closely with our Nato allies. “We are committed to defending our people, our interests and our allies, acting in accordance with international law and not getting drawn into the wider conflict.

” On 1 March a drone struck the RAF base at Akrotiri in Cyprus, hitting a hangar, and prompting a partial evacuation of the facility. On 19 March, Iran fired two ballistic missiles at the UK’s Diego Garcia base in the Chagos Islands. One reportedly failed mid-flight, while the other was shot down by a US airship.

Iran has launched strikes against countries in the Gulf that house US military bases, including Bahrain, the United Arab Emirates and Kuwait, killing American service personnel in some of the attacks. Donald Trump said Iran would “pay a big price” for killing US troops.

On Thursday afternoon, the US president said he was considering ordering a “massive attack” on Iran. “I am close to making a decision,” he told Axios. “We’re all set for it.” He said he believed Iran’s leaders “want to negotiate”, but aren’t yet ready to make a deal.

In another sign of the conflict potentially escalating, Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers in the Red Sea on Thursday, as oil topped $100 a barrel.

Hayden Vernon

Jul 23, 2026strikeUnverifiedUSIranProxyRussia

Oil Prices Soar as US-Iran Conflict Expands to Red Sea

○ 1 source

September WTI crude oil (CLU26) on Thursday closed up +5.36 (+6.17%), and September RBOB gasoline (RBU26) closed up +0.0793 (+2.44%). WTI crude oil prices (CLU26) rallied more than +6% on Thursday after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea.

Sep Brent crude oil prices (CBU26) on Thursday rallied above $100 per barrel for the first time since May. President Trump said in an interview with Axios on Thursday that he is considering a “massive attack” that would be “bigger than ever before” and is “close to making a decision on it.

”Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt.

Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. The International Maritime Organization warned last Wednesday that it is too dangerous to cross the Strait of Hormuz at the moment, and visible transit through the strait has fallen sharply as Iran continues targeting tankers attempting to transit it.

Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates will average 3.

51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia’s 34 largest refineries.

As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports.

Russia is the world’s number two diesel exporter, after the US, according to Vortexa. Stronger Russian crude exports are also adding to global oil supplies, which is bearish for prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.

13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country’s refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.

The outlook for higher US crude output is negative for oil prices. The Department of Energy (DOE) on July 7 raised its US 2026 crude production estimate to 13.78 million bpd from a June estimate of 13.72 million bpd. As a bearish factor for crude, OPEC delegates said on May 14 that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September.

The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. On July 5, OPEC+ said it will boost its crude output by 188,000 bpd in August, though that increase might prove difficult due to revived US-Iran military attacks in the region.

OPEC’s June crude production rose by +2.34 million bpd to 18.75 million bpd. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +31% w/w to 90.03 million bbl in the week ended July 17. Wednesday’s weekly EIA report was mostly negative for crude oil and products.

EIA crude inventories unexpectedly rose +2.01 million bbl versus expectations of a -1.95 million bbl decline. Also, EIA gasoline supplies rose by +765,000 bbl versus expectations of a -1.9 million bbl decline. In addition, EIA distillate stockpiles rose by +1.

4 million bbl, a larger build than expectations of +825,000 bbl. On the positive side, crude supplies at Cushing, the delivery point for WTI futures, fell -624,000 bbl. Wednesday’s EIA report showed that (1) US crude oil inventories as of July 17 were -5.

3% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -9.6% below the 5-year seasonal average. US crude oil production in the week ending July 17 fell -0.5% w/w to 13.

798 million bpd, just below the record high of 13.862 million bpd posted in the week of November 7. Baker Hughes reported last Friday that the number of active US oil rigs in the week ended July 17 rose by +7 to a 13-month high of 452 rigs, up from the 4.

25-year low of 406 rigs posted in December 2025. However, the number of US oil rigs remains sharply below the 5.5-year high of 627 reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article.

All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Barchart

Jul 23, 2026strikeUnverifiedUSIsraelIran

IDF to deal 'crushing blow' to Iran, if it attacks Israel — Ynet

○ 1 source

TEL AVIV, July 23. /TASS/. The Israel Defense Forces (IDF) will deal "a crushing blow" to Iran, if it attacks the Jewish state, Defense Minister Israel Katz warned, according to the Ynet portal. "We are ready for any development of events. If Iran attacks Israel, we will deal a crushing blow," he said.

Earlier on Thursday, US President Donald Trump said that he was considering carrying out a massive attack on Iran, and the strikes would be harder than before. According to the American leader, Israel will "join the attack in two minutes" if requested by the United States.

However, he added that Washington "does not need anyone" to launch a new military operation. Trump did not specify a deadline for making a decision. The United States and Israel started a war with Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon.

However, on the night of July 8, the United States resumed large-scale strikes against Iran, accusing it of violating the terms of the agreements regarding the Strait of Hormuz.

CurrentsAPI

Jul 23, 2026strikeUnverifiedUSIsraelIran

UK 'ready to defend itself' after Iran says bases are 'legitimate targets'

○ 1 source

The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

Location: Iran

Sean Seddon