Trump Says Iran Will Keep Hormuz Toll-Free for 60 Days as Brent Falls 3%
Updated
Updated · CNBC · Jun 24
Trump Says Iran Will Keep Hormuz Toll-Free for 60 Days as Brent Falls 3%
3 articles · Updated · CNBC · Jun 24
Summary
Trump said Iran assured the U.S. there would be no tolls, insurance fees or other charges for ships using the Strait of Hormuz under an interim peace deal.
The 14-point memorandum commits both sides to reopen the strait toll-free for at least 60 days and end hostilities, including fighting in Lebanon involving Iran-backed Hezbollah.
Trump also said no U.S. money had been given to Iran, but some Iranian funds under U.S. control would be released to buy U.S. corn, wheat and soybeans for Iran.
Iran had not commented on Trump's post, and the deal still faces friction after Iran and Oman said Tuesday they would work on navigation-service costs in line with international standards.
Brent crude fell 3% to $74.75 and WTI dropped nearly 3% to $71.03 as the Strait—through which about 20% of global oil moves—appeared closer to reopening after weekend shipping disruptions.
Beyond the 60-day truce, what prevents another catastrophic shutdown of the world's most vital oil chokepoint?
Will the US food aid plan effectively feed Iranians, or is it a disguised subsidy for American farmers?
With Iran already rejecting key terms, is the landmark US peace deal destined to fail before it begins?
Strait of Hormuz Reopens: Oil Storage Drops 4.1% Amid Legal Dispute Over "Tolls" vs. "Service Charges"
Overview
As of June 24, 2026, the global oil market is showing early signs of recovery, closely linked to recent changes around the Strait of Hormuz. A notable drop in crude oil stored on stationary tankers signals that oil is moving more freely, suggesting that logistical bottlenecks are easing and supply risks are decreasing. This shift points to improved transit and reduced uncertainty for oil shipments, likely due to the potential reopening of the strait. As a result, concerns about supply disruptions are lessening, helping to stabilize or even lower global oil prices and reflecting a more confident market outlook.