BUSINESS

France: Trump announces toll-free Hormuz reopening

PUBLISHED Jun 17, 2026, 7:13 AM ET

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Meeting in Évian-les-Bains, France, at the G7 summit, U.S. President Donald Trump said the Strait of Hormuz will be fully reopened to international shipping by Friday and remain permanently toll-free. He spoke alongside United Arab Emirates President Mohamed bin Zayed Al Nahyan, noting that commercial traffic, including oil tankers, had already begun transiting safely. The announcement followed disclosure of a preliminary U.S.-Iran memorandum of understanding aimed at ending nearly four months of direct military hostilities that started on February 28, 2026. Global markets reacted immediately, with U.S. equities hitting record highs and crude oil benchmarks falling sharply on expectations of restored Gulf exports.

By Daniel Hayes | JQJO News

Timeline of Events

Feb 28, 2026 Joint U.S.-Israeli airstrikes hit Iranian targets
Early March 2026 Brent crude trades above eighty dollars
Past four months Direct U.S.-Iran military hostilities escalate
Tuesday Trump meets UAE president at G7
Tuesday Preliminary U.S.-Iran memorandum of understanding disclosed
Tuesday Trump announces permanent toll-free Hormuz reopening
Tuesday Dow Jones closes at record high
Wednesday Brent futures extend losses below eighty

News Intelligence

The reopening of the Strait of Hormuz could mean lower gas prices at the pump. That's because oil exports from the Gulf can flow freely again. Keep an eye on your local gas station's prices over the next few weeks.