Signal Iran sells oil at 20% premium as US ends blockade threat on Strait of Hormuz

Summary

Following a US-Iran memorandum of understanding signed June 17, 2026 that ended nearly four months of war and reopened the Strait of Hormuz — with Iran agreeing to let ships transit toll-free for 60 days of follow-on negotiations toward a permanent peace deal — Iran's parliament speaker Mohammad Bagher Ghalibaf said Iran exported more than 40 million barrels of crude over two weeks at roughly a 20% premium to pre-war pricing, with tanker tracker TankerTrackers.com estimating 50 million barrels since the naval blockade lifted. US Energy Secretary Chris Wright said Iran's capacity to close the strait has ended due to US military escorts, citing about 72 ships carrying 19 million barrels transiting in one 24-hour period and roughly 4.8 million barrels per day exiting the strait per Kpler data. Wright warned the US could reimpose its naval blockade if Iran fails to meet US demands, and downplayed the deal's benefit to Tehran, noting no frozen funds have been released. Brent crude was trading near $73 a barrel, down nearly 40% from the war's April peak of $118. Wright also predicted the strait's strategic importance will diminish over time as Gulf states like the UAE build pipelines to bypass it, calling Iran's blockade threat "a card you can play once."