IRGC reportedly attacks a tanker near Oman, increasing tensions. Strait of Hormuz traffic normalizing by July 31 at 7.5% YES.

Iran and Oman have presented to the U.S. a proposal for the administration of the Strait of Hormuz that includes the joint collection of administrative fees by the two Middle East nations, four sources told NBC News.

The Strait of Hormuz may be opening again slowly, but supply chain leaders should not mistake that for a return to normal. According to Eric Fullerton, vice president of data insights at project44, the recent disruption serves as another reminder that supply chains are operating in what many leaders now describe as a never-normal environment—one where resilience is less about recovering from disruption and more about adapting to constant change.

Traffic in the Strait of Hormuz is slowly picking up since the United States and Iran signed an agreement on June 17 which, among other things, stated that commercial traffic in the Strait of Hormuz would “immediately start.

Oil supply through the Strait of Hormuz is severely disrupted, but markets signal a perceived surplus; WTI reaching $110 in July 2026 at 0.8% YES.