Iran Can’t Help Gloating, and Oil Prices Go Up

Crude oil tankers, bulk carriers and vessels sit anchored around Qaboos Port on June 22, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region's oil and gas, was effectively blockaded since the outbreak of war between the United States and Iran in late February. This week's provisional peace deal between the countries was meant to reopen the waterway to shipping traffic, but the pace of that reopening is unclear amid continued fighting in Lebanon and the need to clear the Strait of sea mines. On Sunday, U.S. Vice President JD Vance arrived in Switzerland for high-level talks with the Iranian delegation, as the two sides seek to clarify the terms of ending the war. Photographer: Elke Scholiers/Getty Images