Iran’s chief negotiator Mohammad Bagher Ghalibaf shaking hands with Pakistan’s Prime Minister Shehbaz Sharif. © Pakistan Prime Minister’s Office/AFP
Here is the latest
Half-Open, Half-Closed Strait of Hormuz Baffles Oil Markets
Oil prices remain volatile as confusion over the Strait of Hormuz persists, with Iran and the U.S. issuing conflicting statements about whether the key shipping route is open or closed.
- Shipping activity remains well below normal levels, with vessel transits falling sharply after Iran’s renewed closure threat, while insurers and shipowners continue treating the region as a high-risk war zone.
- A full recovery in Gulf oil flows appears weeks away, as security concerns, limited navigation channels, and uncertainty over ceasefire implementation continue to deter shippers and keep oil markets on edge.
- Sanctions
The United States temporarily eased sanctions on Iranian oil on Monday after Vice President JD Vance said Tehran had agreed to allow UN nuclear inspectors back into the country.
US to buy oil from Iran
Treasury Secretary Scott Bessent authorized the import of Iranian oil and refined products into the U.S. through at least August, in light of productive peace talks between the Islamic Republic and the U.S. in Switzerland.
“We’ll see”
President Donald Trump hedged when asked if he could ensure Iran would not use profits from oil sales to rebuild its military.
“Well, they’re not supposed to be doing that, so we’ll see,” Trump said at the White House during an executive order signing event. “They’re supposed to use money to buy food for their people, because right now their people are very hungry, and they’re buying it exclusively from us: corn, soybeans.”
Abdolnaser Hemmati, the governor of Iran’s central bank, told the Iranian news agency Tasnim, “There is no obligation to buy agricultural products from the U.S.”
No help for NATO
• US President Donald Trump said Monday that he could refuse to help NATO countries as payback for the lack of support from member nations for the US military operation in Iran.
Israel / Lebanon
• Israel‘s prime minister, defence minister and military chief said the military would continue to act to “neutralize” threats against Israeli soldiers and citizens, demolish militant infrastructure and maintain the security zone in southern Lebanon.
Israel and Lebanon are meeting in Washington, DC, for a crucial three-day round of negotiations starting June 23 and running through June 25, 2026. The talks were scheduled following a State Department readout after Secretary of State Marco Rubio spoke with Lebanese President Joseph Aoun.
AFP / France 24/ Oil Price/YL
