EU extends suspension of tariffs in Boeing-Airbus trade dispute.

S&P Global Energy said 78 vessels transited the Strait of Hormuz on June 24, the largest single-day passage since hostilities involving the US, Israel and Iran began. This month’s daily average transits have recovered to roughly 57% of pre-conflict levels. The transit rebound, together with multi-country autumn/winter crude restocking, has driven international tanker freight sharply higher. Domestically the impact is mixed: shipping companies have seen risk premia fall as route tensions ease and higher rates lift earnings, while refiners face margin pressure as rising sea freight increases landed crude costs. Many Chinese refiners are expediting crude replenishment to use the current window.

Gulf Cooperation Council foreign ministers and US Secretary of State Rubio met in Manama on June 25 and issued a joint statement saying reopening the Strait of Hormuz is vital. The statement said navigation must be free, unconditional and unrestricted, including transit rights under international law, and opposed any tolls or attempts to control the strait; it welcomed Oman and the International Maritime Organization’s plan to evacuate detained seafarers. It added that trade and investment with Iran will depend on Tehran’s compliance with memoranda of understanding and any final agreement and on Tehran creating the conditions for economic engagement.