Has The US Flipped The Script?

12 June 2026: Iranian flows are halted, while other oil is trickling through. According to both the US and Iran, the warring parties are inching closer towards an agreement on a Memorandum of Understanding (MoU). The MoU will set the terms of a more permanent ceasefire between the belligerents. It has been reported that this would be for an initial 60-day period in which the Strait of Hormuz (SoH) would be reopened without restrictions, the US blockade will be removed, and Iran would be able to export oil. While this all sounds promising, a word of caution is appropriate. We have been here before and it has proven very difficult to get a deal across the finish line. In the meantime, the situation around the SoH has shifted and recent developments seem to indicate that Iran is losing some of its leverage while the US is gaining more control over this crucial waterway. In this Tanker Opinion, we will discuss some of these developments and how they may affect the tanker markets going forward.