Iran Reasserts Hormuz Shipping Control as Oil Prices Ease

Iran on June 26 insisted on its right to control all Strait of Hormuz traffic after striking a Singapore-flagged vessel, testing the fragile U.S.-Iran deal. The attack followed IRGC warnings that ships must coordinate on Channel 16 or face interception, prompting multiple tankers to reverse course. WTI surged 2.12% to $71.83 on June 25 before easing as markets weighed continued transits against renewed geopolitical risk. Roughly 20% of global oil flows through the chokepoint, keeping volatility elevated.