The United States and Iran have declared a truce: Hormuz is being opened, oil has fallen below $90
On June 2, 2026, the United States and Iran announced a ceasefire. The Strait of Hormuz is beginning to open: Iran is clearing mines for 30 days, while the United States is lifting the naval blockade. Brent and WTI crude oil fell below $90 for the first time since November 2025. Gas prices in Europe fell by 18.5%. The first 20 vessels passed through the strait with Iran's permission in the first hours after the announcement.
