MUSCAT, OMAN - JUNE 18: A man observes oil tankers, general cargo ships, bulk carriers, and fishing boats anchored in the waters off Muscat near the Strait of Hormuz on June 18, 2026 in Muscat, Oman. The US and Iran have agreed to a deal to end their war and allow the safe passage of commercial vessels through the Strait of Hormuz, a vital waterway through which vast amounts of oil and gas are transported every day. After the US and Israel attacked Iran on February 28, Iran retaliated by threatening ships and effectively blockading the strait, sending global oil prices ever upward. Under the new deal, ships will be able to pass through the strait with no charge for 60 days, after which time Iran, Oman and the Gulf states are to set up a long-term agreement for the strait's management. (Photo by Elke Scholiers/Getty Images)

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Updated: November 03, 2026, 11:04 AM