Overview
- The United States and Iran signed a 60‑day memorandum of understanding that paused active fighting and opened the Strait of Hormuz to commercial shipping.
- Shipping through the strait rose to its highest level since the war began, with S&P Global reporting 78 vessel transits, easing some immediate supply concerns.
- A drone struck the Singapore‑flagged container ship Ever Lovely, and hours after that drone attack U.S. aircraft struck Iranian missile and drone storage sites and coastal radar installations on Friday.
- Global crude benchmarks fell sharply as traders priced in returning Gulf flows, but prices swung intraday after the attacks and U.S. response, keeping markets volatile.
- Analysts and shipping groups warn that mine clearance, insurance, crew and port logistics and depleted inventories mean oil flows and consumer pump relief will take weeks to months to normalize.