Approximately 1,150 commercial vessels of various types remain stranded in the Persian Gulf—despite a recently announced U.S.-Iran framework agreement aimed at ending hostilities in the Middle East. According to an analysis by German insurer Allianz, cited by the German News Agency (dpa) on Wednesday, June 24, 2026, the total value of these immobilized ships—including their cargo—reaches $125 billion. The deal, it appears, remains largely on paper.
A Lingering Maritime Standoff
Even if conditions were to improve immediately, clearing the backlog of detained ships would take several weeks, Allianz warns. ‘Shipping remains a hostage to this war,’ said Justus Heinrich, the company’s marine insurance specialist.
The U.S. and Iran announced the framework agreement last week—but maritime risk remains high for shipping companies, according to the insurer. Tehran has moved to reinstate tolls at the Strait of Hormuz, citing continued fighting between the Israeli military and Hezbollah—a Lebanese group aligned with Iran—in Lebanese territory. Iran reinstated the Persian Gulf Shipping Authority’s tolls on June 21. While many ships transited regardless, both sides now claim victory over nuclear inspection arrangements.
Uncertainty Over Safety and Insurance
Heinrich emphasized that maritime authorities and shipping firms still cannot reliably assess threats to vessels or crews. ‘The International Maritime Organization (IMO) and shipping companies acknowledge they are still unable to evaluate the risks to crews and vessels,’ he explained. ‘As long as that uncertainty persists, ships will not depart.’
Tehran retains critical leverage: under normal conditions, 20–25% of globally exported oil and liquefied natural gas (LNG) passes through the Strait of Hormuz. Heinrich also noted the creation of a new Iranian authority overseeing the Gulf and the Strait—charged with supervising or verifying insurance coverage for vessels transiting the vital waterway.