A tanker moored near Port Sultan Qaboos in Muscat, Oman, on June 21. (Elke Scolliers/Bloomberg) June 24, 2026 2:27 pm, EDT key takeaways: A surge in oil cargoes through the Strait of Hormuz, reopened following the US-Iran deal, has triggered oversupply and weak markets across Europe and Asia. Excess supply from Middle Eastern exports and
On June 16, tankers and cargo ships overflowed into the Gulf of Oman on shipping routes linking the Strait of Hormuz and the Arabian Sea. (AP photo) June 23, 2026 8:27 am, EDT key takeaways: Ship traffic through the Strait of Hormuz has increased since the US-Iran interim agreement, although volumes remain below pre-war levels
Strait of Hormuz. (Maps4media/Bloomberg) June 23, 2026 10:28 am, EDT key takeaways: According to a joint statement, Iran and Oman said they would begin negotiations on the future governance of the Strait of Hormuz, including navigation services and transit costs. Officials and industry groups said the discussions matter because traders and allies fear potential tolls
Strait of Hormuz. (Andrea Campanu/Bloomberg via Getty Images) June 18, 2026 1:42 pm, EDT key takeaways: The United States and Iran begin a 60-day interim peace agreement, reopening the Strait of Hormuz to shipping after lifting the US blockade and extending the ceasefire. The deal eased oil market tensions, with prices falling from recent highs,
Commercial and residential buildings on the beach in Abu Dhabi, United Arab Emirates. (Vidya Chandramohan/Bloomberg) June 17, 2026 1:21 pm, EDT key takeaways: The UAE unveiled plans to eliminate dependence on the Strait of Hormuz by expanding eastern ports, pipelines and transportation links as shipping has been disrupted by regional tensions. The effort reflects the
Jun 17, 2026 8:12 am, EDT | Update: June 17, 2026 1:05 pm, EDT key takeaways: Oil prices rose 1.4% to $80.03 a barrel after international benchmark Brent crude fell more than 5% on June 16. Details of the interim US-Iran deal, which is scheduled to be formally signed at a ceremony in Switzerland on
Ships are anchored in the Strait of Hormuz near the port city of Khasab on Oman’s northern Musandam Peninsula in May. (AFP/Getty Images via Bloomberg) Jun 17, 2026 11:03 am, EDT key takeaways: Iraq is preparing to boost oil exports from southern ports as an agreement to reopen the Strait of Hormuz is set to