Hormuz Strait Mine-Clearing Could Take 40-50 Days, Oil Prices Fall 5% on Peace Deal

According to western maritime authorities, clearing mines from the Hormuz Strait and restoring safe passage could take 40 to 50 days even after the preliminary US-Iran peace agreement on June 15. Sweeping operations using minesweepers and underwater unmanned vehicles may extend for 6 to 7 weeks, while shipping companies remain cautious about returning large tankers until full safety is confirmed. Jakob Larsen, BIMCO safety director, stated the waters are still considered high-risk and require risk-free navigation corridors before normal operations resume.

Market reaction showed oil prices falling around 5% on peace agreement expectations, with Brent crude dropping to approximately $83 per barrel and WTI near $80.50. US Vice President Vance indicated major agreement details remain under negotiation over the next 60 days, focusing on verification mechanisms and sanctions relief pathways.