Hormuz Reopens: Gas Prices Set to Drop as 12.5M Barrels Flow
Following the US-Iran memorandum of understanding signed June 17, 2026, vessel activity through the Strait of Hormuz increased sharply, with 71 confirmed transits recorded between June 19 and 21 and a peak of 35 crossings on June 20 — compared to near-zero traffic during months of Iran's blockade. Vice President JD Vance confirmed that approximately 12.5 million barrels of oil have flowed through the strait since the MOU signing, and the US Treasury waived all sanctions on Iranian crude oil and petrochemical product sales through August 21, 2026. American gas prices, which exceeded five dollars per gallon in California at the height of the crisis, are now expected to fall as global supply pressure eases. WooGlobe Ref : WGA697448
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Trump's latest post comes as consumers raise concerns over high gasoline prices, just as the president and fellow Republicans are battling to hold narrow majorities in Congress in November's midterms.
