Diverging interpretations of a June 17 agreement threaten oil flow stability as both sides claim control over key waterway conditions.
The U.S. and Iran signed a 60-day framework on June 17 to reopen the Strait of Hormuz, but now dispute its terms. Washington asserts full control over the strait and unfrozen Iranian funds, while Tehran rejects sovereignty concessions and humanitarian spending conditions.
Iran briefly closed the strait on June 20, though the U.S. denied any disruption. The deal’s only clear overlap—a deconfliction line and Lebanon pledge—is already fraying amid continued Israeli strikes and mutual accusations.
Markets view the calm as temporary, with oil flows remaining vulnerable to renewed tensions.