Trump ties Iran peace to 'respect' as Strait of Hormuz traffic recovers

Washington,UPDATED: Jun 23, 2026 10:46 IST

US President Donald Trump said on Monday that “respect” from Iran would be key to sustaining peace after the end of the Iran-Israel war, while voicing optimism about fully reopening the Strait of Hormuz and creating “an oil gusher”. His remarks came as tanker traffic began to pick up again in the strategic waterway and oil prices fell closer to pre-war levels.

Iran, meanwhile, said the strait would be managed by Tehran in line with international laws. Senior Iranian officials travelled to Oman for talks on peace efforts and safe navigation, while the US Treasury announced a 60-day licence waiving sanctions on Iranian oil as part of the interim agreement to end the war.

“As long as they respect us, I don’t want to use the word fear because that’s an inappropriate word, but as long as they respect us, we’re not going to have any trouble,” Trump told reporters in the Oval Office on Monday.

Iran effectively closed the strait after the US and Israel attacked on Feb 28, sending fuel prices sharply higher well beyond the region. The interim agreement to end the war was meant to reopen the channel. Dozens of ships passed through it over the weekend, although the main route remains mined and closed.

The lead negotiator of the Iranian delegation and Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, said on Monday that the Strait of Hormuz would be managed by Iran, but in keeping with international laws. “Hopefully we can activate the strait again, in terms of passage, and bring prosperity back to regional and global economy,” he told Iranian state media on the plane while returning from Switzerland.

Ghalibaf and Foreign Minister Abbas Araghchi arrived in Oman on Monday night and met the country’s Foreign Minister Badr al Busaidi. The discussions focused on peace efforts and ensuring safe navigation in the Strait of Hormuz.

The US Treasury on Monday issued a 60-day licence waiving sanctions on Iranian oil under the interim agreement. The licence allows Iranian oil to be imported into the US, which has not imported significant amounts of Iranian oil since the 1990s.

Tanker traffic continued to recover through the Strait of Hormuz. Data and analytics firm Kpler reported 71 confirmed transits over the weekend, including a peak of 35 crossings on Saturday. Before the war, between 100 and 130 vessels passed through the strait each day. Ships have been avoiding the central route because of mines and are instead using the smaller northern route through Iranian waters and the southern route through Omani waters.

In the markets, Brent crude fell 3.2 per cent to USD 77.52 a barrel, moving closer to its roughly USD 70 level from before the war. Benchmark US crude fell 2.6 per cent to USD 73.86 a barrel. Overall, the developments on Monday pointed to cautious progress on reopening the Strait of Hormuz, easing oil markets and advancing the interim peace arrangement.

With PTI Inputs

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