"Consequences of Using Unauthorized Routes in Hormuz Will be Responsibility of Owner, Operator, Commander", Statement by PGSA Iran

Prices of Brent Ease as Unease Lurks on Fragile Peace Around Hormuz  
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Onus of Consequences of Transiting Through Unauthorized Routes in Strait of Hormuz lies on Operators and Commander... PGSA, Iran

Udaipur, June 26, 2026 | International News: The prices of Brent Crude have again steaded to around USD 74 after a slight spike on June 25 following the attack on a vessel transiting the Strait of Hormuz.

The attack on a vessel by an "unknown projectile" near the Oman coast on Thursday June 25 resulted in the IMO suspending its evacuation plan. Brent futures topped $76 on Thursday but returned to near the $74 mark again on Friday early hours of trading. The price is still hovering over 2 percent above the pre-war levels. While key indices across Japan, Taiwan and Hong Kong fell sharply, Indian indices maintained a marginal increase.

Improvement in traffic across the Strait after the peace deal signed by US and Iran resulted in a sharp drop in Brent price. On June 24, nearly 70 vessels transited the strait, which was double the figure after March 1, when the attacks on Iran began.

While the US attributed the attack to Iran, the west asian country's Persian Gulf Strait Authority reportedly said that it could not guarantee safe passage to any vessel that "attempts to use routes outside its designated framework". It added that the responsibility of repurcusions of such a deviation would lie on the owner, operator and vessel commander. It added that passage of vessels outside the designated routes is not covered under the Safe Passage Guarantee, insurance or related liabilities.