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The Indian Express

US-Iran memo reopens Strait of Hormuz shipping with 60-day free passage window

The US and Iran have signed a Pakistan-mediated memorandum that reopens shipping through the Strait of Hormuz, offering 60 days of toll-free passage before insurance and service charges are introduced. Iran has also set up the Persian Gulf Strait Authority (PGSA), requiring vessels to submit an online transit request at least 48 hours in advance. The strait carries about 20% of global oil and LNG flows, and India routes 65–70% of its crude oil imports through it. Markets remain unsure about supply stability, and oil prices have not fallen significantly.
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