Iran Conflict De-escalates: Hormuz Reopens as Iraq's Trapped Crude Flows and France/Oman Back Free Transit
- France and Oman publicly backed unconditional free transit through the Strait of Hormuz on June 29, helping oil give back recent war premia (Bloomberg).
- Iraq's roughly 14M barrels of crude trapped by the conflict began moving out through Hormuz, easing one of the tightest supply squeezes of the war (Bloomberg).
- Shipping traffic is normalizing but vessels remain cautious; UN separately warned fossil-fuel subsidies could hit $1T globally on the war-driven energy shock (NYT, Bloomberg).