The United States and Iran sign an interim peace agreement that ends the war, reopens the Strait of Hormuz, and lifts sanctions related to Tehran’s oil exports. As shipping restarts, tankers resume passage through the narrow waterway, which analysts and outlets describe as a critical route for global energy trade. Oil and gas prices fall in response to expectations of increased supply, with several reports citing that refiners and markets were previously positioned for shortages and are now adjusting to potential oversupply or a faster normalization of flows. Reports quantify early export movement: tankers depart Iranian ports carrying tens of millions of barrels, including 20 million barrels leaving Iran shortly after the breakthrough, while other analysts project a larger release over time, ranging from more than 85 million barrels stranded in the Gulf to higher eventual volumes over the coming years. Multiple outlets also note that while the Strait is reopened, market stabilization may take months because restarting shipping and restoring related infrastructure takes time. Some reports add that uncertainty around the long-term durability of the deal persists, citing regional clashes and the delay of permanent negotiations.