On June 23 local time, Bahreini, Iran’s Permanent Representative to the United Nations Office in Geneva, officially confirmed that the Strait of Hormuz is completely open to global commercial vessels for 60 days, during which no transit fees will be charged. Previously, the US and Iran finalized a roadmap at Bürgenstock, Switzerland, to sprint toward a final agreement within 60 days, establishing a high-level committee to coordinate progress and simultaneously forming specialized working groups on sanctions relief, nuclear issues, and dispute supervision. The Strait of Hormuz has opened an exclusive liaison hotline, enabling rapid responses to emergencies.

This series of events signals that the months-long regional standoff since the US and Israel’s joint strike against Iran in February 2026 has entered a period of technical de-escalation. For global commodity markets, the significance of resuming navigation through the strait goes far beyond the physical reopening of a shipping route—it means the “war premium” that had previously supported oil prices is being systematically stripped from pricing models.

According to statistics from the commodities data and analytics platform Kpler, as more oil is exported from the Persian Gulf, crude oil futures have fallen to their lowest level since the outbreak of the US-Iran conflict. Reuters, citing shipping data, reported that on Wednesday, a total of three oil tankers were sailing out of the Strait of Hormuz, carrying approximately 5 million barrels of crude oil. US Energy Secretary Wright said that in the past 24 hours, 72 vessels in total passed through the Strait of Hormuz, transporting about 20 million barrels of crude oil.

The logic for the fading of the geopolitical risk premium is clear: when the Strait of Hormuz— the world’s most important chokepoint for crude oil transportation— is reopened, the market’s panic pricing of supply disruption loses its basis.