Key facts
- At least six oil tankers have transited the Strait of Hormuz.
- The transit occurred the day after the U.S. and Iran signed a memorandum of understanding.
- Crude oil prices dropped below $74 per barrel for the first time since early March.
- Many ships remained near the Strait of Hormuz as of June 18.
Ship traffic through the Strait of Hormuz began to resume the day after the U.S. and Iran signed a memorandum of understanding halting the war, with at least six oil tankers confirmed to have transited through the key artery. Crude oil prices fell to below $74 per barrel for the first time since early March. Many ships still remained near the Strait of Hormuz as of June 18.