Mohammad Bagher Qalibaf, Iran’s Parliament Speaker, confirmed that the toll-free passage for commercial vessels through the Strait of Hormuz is limited to a 60-day window under a memorandum of understanding with the United States. The agreement, signed in Switzerland around mid-June 2026, is a confidence-building measure tied to broader nuclear negotiations.
Qalibaf framed the deal as structured oversight of maritime traffic, citing international law and a new communication line to prevent incidents. He stated Iran has no intention of returning to pre-war conditions.
The narrow strait is a vital artery for global seaborne oil. Once the window closes in mid-August, Iran intends to impose service fees. The US has already signaled its disapproval of this plan, while Oman and other regional actors stress the importance of free transit.
Financially, the 60-day clock forces markets to price in potential new shipping costs. The situation is further complicated by the US maintaining separate sanctions against Iranian crypto exchanges like Nobitex, highlighting the intersection of diplomatic negotiations and financial warfare.