Overview
- A memorandum signed on June 17 between the United States and Iran, brokered by Qatar and Pakistan, launched a roughly 60-day technical process to restore and secure shipping through the Strait of Hormuz.
- U.S. officials reported that maritime flows have partially resumed and topped 10 million barrels per day, removing the acute transport disruption that drove the spring price surge.
- Global crude benchmarks have moved back near pre-conflict levels, with Brent around $71.8 a barrel and WTI near $68.7 a barrel, reversing weeks of sharp gains.
- The U.S. has released 172 million barrels from the Strategic Petroleum Reserve as part of an IEA-coordinated 400 million barrel intervention, and President Trump has pressed for faster retail price cuts and ordered Justice Department reviews of fuel companies.
- Retail gasoline in the United States has fallen for six straight weeks to about $3.84 per gallon, but refiners, inventories and logistics mean pump prices lag crude and markets remain vulnerable if talks break down or the nuclear track complicates negotiations.