Full Steam Ahead? Not So Fast!

26 June 2026: The situation around the Strait of Hormuz remains uncertain. On June 17, the US and Iran signed a 14-point memorandum of understanding (the “Islamabad Memorandum” or MoU). This set up a 60-day extension of the ceasefire, specifically intended for drafting a permanent treaty. The agreement committed both nations to an immediate and permanent cessation of military operations on all fronts. Another step was the immediate toll-free reopening of the Strait of Hormuz and the lifting of the U.S. naval blockade. A little more than a week after the agreement was signed, we can take stock of what has transpired so far as expected and which developments have surprised the oil and tanker markets.