In the wake of the US-Iran memorandum of understanding established on June 17, 2026, maritime operations in the Strait of Hormuz have surged significantly, with 71 verified transits occurring between June 19 and June 21, peaking at 35 on June 20—an impressive change from the minimal activity seen during Iran's blockade. The Vice President has reported that an estimated 12.5 million barrels of oil have passed through the strait since the agreement was enacted, alongside the US Treasury lifting all sanctions on the sale of Iranian crude oil and petrochemical products until August 21, 2026. As a result, American gas prices, which soared to over five dollars per gallon in California amid the crisis, are projected to decrease as global supply conditions improve.
