Overview
- The United States and Iran announced a memorandum of understanding on Monday that outlines ending hostilities and reopening the Strait of Hormuz with a formal signing scheduled for Friday, and U.S. military advisories say the naval blockade stays in force until that ceremony.
- Maritime experts and officials say mines laid during the conflict are the main operational obstacle and that credible mine‑clearance and verification using minesweepers and underwater drones could take roughly 40 to 50 days before many carriers and insurers will allow routine transits.
- Shipping groups warned they will only resume crossings once safe corridors are proven, after months of disruption that left hundreds of vessels trapped and about 20,000 seafarers aboard ships under the International Maritime Organization’s count.
- A central political sticking point is whether passage will be permanently toll‑free as the U.S. demands or subject to Iranian ‘service charges,’ a dispute that will shape control, fees and longer‑term governance of the waterway.
- Markets reacted to the announcement with an immediate fall in oil prices, but analysts say full restoration of pre‑conflict flows will take weeks to many months and could stretch into 2027 depending on de‑mining, insurance rate normalization and sustained calm.