Before hostilities began in February 2026, following US and Israeli military actions against Iran, roughly 130 commercial vessels transited the strait daily. To put that in perspective, roughly 20% of the world’s oil supply previously flowed through this 21-mile-wide waterway between Iran and Oman. Both countries would share maritime security duties, and the deal may include provisions for service fees, essentially tolls for using the strait. The June MOU explicitly linked the strait reopening to broader dialogue on Iran’s nuclear ambitions. If that linkage holds, the shipping deal becomes hostage to one of the most intractable diplomatic puzzles of the past two decades.