Iran Rolls Out 60-Day Free Strait Transit; Crude Shipping Costs Drop, Oil Prices Stabilize
2026-06-23
Pursuant to the US-Iran ceasefire agreement, Iran will waive transit and security fees for compliant merchant vessels and oil tankers sailing through the Strait of Hormuz for 60 days, with all associated expenses covered by Iranian state finances. Approximately 30% of the world’s crude oil and 40% of LNG are transported via this waterway. During previous geopolitical tensions, detour charges, surging insurance premiums and transit surcharges drove up crude shipping costs and kept oil prices at elevated levels. The new free-transit policy delivers a marked reduction in overall tanker logistics costs. Markets expect benchmark crude to trade within a stable range of $75–$85 per barrel in Q3, which will greatly ease domestic refined oil price adjustment pressure and lift profitability across downstream chemical, logistics and transportation sectors.
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