Strait of Hormuz Reopens Following Oman Announcement, Oil Prices Decrease

Updated: 4:11 PM PKT — June 24, 2026

Three stranded tankers carrying a combined 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, according to shipping data. The release of the vessels, part of an interim deal between Iran and the United States, is adding to global supply and contributing to lower oil prices.

The ships include the South Korean-flagged VL Breeze, carrying 2 million barrels of crude and condensate to Daesan, and the Liberian-flagged Plata Carrier, transporting 2 million barrels of Saudi crude. A third vessel, the Prudent Warrior, is taking 1 million barrels of Iraqi crude to Sohar, Oman.

South Korea’s maritime ministry also announced on Wednesday that four vessels operated by its shippers have now departed the strait. According to the ministry, 18 of the 26 ships that had been stranded in the Gulf remain in the area.

In a related development, two empty liquefied natural gas tankers were seen heading towards Qatar to load new cargoes.

Oman has announced the establishment of a temporary maritime corridor in the Strait of Hormuz and issued new naval instructions. According to the new directives, ships passing through the strait are now required to make prior contact. Omani officials stated that special arrangements have been made to ensure the safe passage of vessels.