US, Iran strike war-ending accord, start reopening Hormuz
Why it matters: The strait handles about 20% of global oil flows, but analysts expect shipping and gas prices to take weeks to normalize.
The Trump administration and Iran agreed on June 14 to terms to end the war and reopen the Strait of Hormuz, offering an exit from a conflict that had strained US alliances and rattled energy markets. The agreement, described as a 14-point memorandum of understanding, extends the ceasefire and lifts the US Navy blockade of Iranian ports while leaving tougher disputes for later talks, including Iran’s nuclear program and possible sanctions relief. The strait is not due to fully reopen until June 19, and analysts say oil and gas flows may take weeks or months to recover as Gulf producers restore damaged infrastructure. The accord also opens a new political fight in Washington, with some Republican Iran hawks already attacking the deal.