Oil prices remained largely flat on Tuesday as conflicting reports about the state of U.S.-Iran peace negotiations and the practical reopening of the Strait of Hormuz kept markets in a cautious holding pattern.
According to Ship & Bunker, Brent crude slipped just 26 cents to $77.64 per barrel and West Texas Intermediate fell 17 cents to $73.69 per barrel as of 1155 GMT on June 23, 2026.
Hormuz Slowly Coming Back Online
One of the more concrete developments reported on Tuesday was a visible shift in tanker behavior within the Strait of Hormuz. Ship & Bunker reports that prior to the 60-day memorandum of understanding struck between Washington and Tehran, the majority of tankers transiting the waterway had been running with their AIS transponders switched off. That appears to be changing.
According to conventional tracking data monitored by Bloomberg and cited by Ship & Bunker, as many as seven tankers were broadcasting their positions in the Strait on Tuesday morning local time. These included two outbound non-Iranian supertankers, three outbound fuel-carrying tankers, and two inbound Iran-flagged Suezmax vessels heading into the Gulf.
U.S. President Donald Trump also stated that 19 million barrels of oil flowed through the Strait on Monday, according to the report.
Caution Remains Among Shipowners
Despite these signals, Ship & Bunker notes that industry voices are urging restraint. Tamas Varga, an analyst at PVM Oil Associates, was quoted as saying: “Ship owners and operators will require assurances that the threats posed by mines have been fully eliminated… Damaged ports, debris in the water, and congestion present additional obstacles to an unconditional ramp-up in traffic.”
Contradictory Signals on the Diplomatic Front
The peace talks themselves remain a source of uncertainty. Ship & Bunker reports that Iran was said to have agreed to “robust” inspections of its nuclear facilities — but Iran’s foreign ministry contradicted that claim on Tuesday, stating no such inspections had been arranged.
Analyst views on the durability of any agreement also remain divided. However, Scott Chronert, managing director of U.S. equity strategy at Citi Research, offered a more market-centric perspective, telling media — as reported by Ship & Bunker — that oil price trading patterns over recent weeks suggest markets are “increasingly confident that we’re closer to the end of the conflict.”
Does This Matter to You?
The gradual return of AIS-broadcasting tankers to the Strait of Hormuz is a meaningful operational signal. For those monitoring vessel movements, cargo flows, and fuel supply chains in the region, the reappearance of visible traffic — however limited — marks a shift from the opaque conditions that have characterized the waterway in recent weeks. At the same time, Varga’s warning about mines, port damage, and congestion highlights that physical risks have not been resolved by diplomatic progress alone. Bunker pricing in the Gulf, supply availability at regional ports, and route planning decisions may all continue to be influenced by how quickly — and safely — traffic normalizes.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
