Oil Prices Fall After US-Iran Deal, But Hormuz Recovery May Take Weeks As 500 Ships Remain Stuck

Published 15 June 2026 · world

Oil Prices Fall After US-Iran Deal, But Hormuz Recovery May Take Weeks As 500 Ships Remain Stuck Published By, Last Updated: June 15, 2026, 10:30

Oil Prices Fall After US-Iran Deal, But Hormuz Recovery May Take Weeks As 500 Ships Remain Stuck Published By, Last Updated: June 15, 2026, 10:30 IST US and Iran agree to reopen Strait of Hormuz, Trump lifts US naval blockade, oil prices fall, but experts warn recovery of shipping and oil flows will be slow and fragile Hormuz Reopening May Take Weeks Despite US-Iran Breakthrough. (IMAGE: AFP) The three-month long West Asia conflict has finally ended with the US-Iran deal all set to be signed on Friday in Geneva. Oil prices fell sharply on Monday after the United States and Iran announced the deal that could pave the way for the reopening of the Strait of Hormuz. However, According to a report by the Financial Times, experts and shipping experts have warned that the recovery of oil flows through the crucial waterway is likely to be slow and could remain vulnerable to fresh disruptions. Markets reacted positively to hopes that the agreement would ease tensions and restore shipping through one of the world’s most important energy corridors. Trump announces Hormuz reopening plan US President Donald Trump said on Sunday that an agreement had been reached to gradually reopen the Strait of Hormuz. Under the arrangement, Iran would be required to clear mines from the waterway and avoid imposing tolls on ships. In return, the United States would remove the naval blockade it had imposed on vessels travelling to and from Iranian ports. “I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade.

Ships of the World, start your engines," Trump wrote on social media. “Let the oil flow!" he added. Following the announcement, Brent crude, the international benchmark for oil prices, fell 4.7 per cent to $83.21 during Asian trading hours. Hundreds of ships still waiting Despite the optimism, shipping industry organisations estimate that around 500 merchant vessels remain stranded in the Gulf after more than three months of conflict. The Strait of Hormuz normally carries around one-fifth of global oil trade. However, traffic has fallen dramatically since the conflict began. Before the crisis, about 130 ships passed through the strait every day. Since then, repeated attacks on commercial vessels and concerns over crew safety have reduced traffic to a fraction of normal levels. A standard commercial transit through the strait takes around eight hours. Experts say clearing the backlog will take time, especially if ships are required to travel under controlled conditions or through coordinated transit systems. Security concerns remain The waterway serves as the main export route for Gulf oil producers and for Qatar’s liquefied natural gas exports, making any disruption a major concern for global energy markets. Shipping industry estimates suggest that 46 vessels have been attacked since the conflict started on February 28. Iran has also taken two container ships hostage during the period. Major industry bodies, including the International Chamber of Shipping and Bimco, have warned shipowners that an immediate return to normal operations could create congestion and unpredictable vessel movements. They cautioned that simultaneous and uncoordinated transits could result in erratic manoeuvring, while military supervision may remain limited.