PDB Afternoon Bulletin | June 23rd, 2026: The Good News And Bad News From Hormuz & Iranian 'Jellyfish' Drones Down U.S. Jet

**Mike Baker** (0:00)
And we're live from the living room, as Doug eyes up the match day spread. He's reaching for the Buffalo Wing. Perfect!

**SPEAKER_2** (0:07)
Hang on, what's this?

**Mike Baker** (0:08)
Oh, he's gone for a can of Pepsi too! Incredible!
What a finish! Sensational combination! Look at the delight on his face.

**SPEAKER_2** (0:18)
There's no doubt about it, it just tastes better.

**Mike Baker** (0:21)
Match days deserve Pepsi. Food deserves Pepsi. Grab a pack of Pepsi Zero Sugar for today's match. It's Poetry in Motion!
It's Tuesday, the 23rd of June. Welcome to The PDB Afternoon Bulletin. I'm Mike Baker, your eyes and ears on the world stage. All right, let's get briefed. First up, the good news, the Strait of Hormuz is no longer at a standstill. The bad news, well, shipping companies still don't trust it. We'll take a closer look at why traffic remains well below pre-war levels despite signs of recovery.
Later in the show, a bizarre new detail emerges from the war with Iran. A US fighter pilot shot down over Iranian territory reportedly described seeing a swarm of drones moving through the sky in what he called a jellyfish formation moments before his aircraft was hit. But first, today's afternoon spotlight. There's both good news and bad news coming out of the Strait of Hormuz this week. The good news is that traffic is moving again. Following last week's Memorandum of Understanding between the US and Iran, commercial vessels have begun returning to the waterway. Iranian oil exports are resuming as the US lifts its blockade of Iranian ports and eases sanctions on the regime. And some of the massive backlog of ships trapped inside the Persian Gulf is finally starting to clear.
Now, the bad news is that the Strait of Hormuz is still a long way from normal.
According to maritime tracking firm Kapler, 109 vessels transited the strait between Saturday and Monday. That's the busiest three-day period since the conflict began earlier this year.
That's a notable improvement from the near standstill seen during the height of the crisis and a sign that shipping companies are slowly regaining confidence in the route.
The Iranian regime, no surprise, well, they appear eager to get back to business. Analysts report that at least a dozen tankers carrying Iranian crude oil are now making their way toward Asian markets. That of course is money in the bank for the regime. The movement of those shipments, combined with the Trump administration's decision to roll back significant oil sanctions on Iran for the next 60 days, has allowed the regime to realize a potential windfall in oil revenues.
Vice President JD Vance has implied that those concessions result from Iran agreeing to allow you and inspectors access to their nuclear program. However, regime officials, well, they pushed back on that notion, claiming nothing has changed and they have not agreed to inspections. In short, well, the MOU is having an impact both on traffic in the Strait and certainly on the regime's bank account. But that news does come with an important caveat. Before the conflict, more than 130 vessels passed through the Strait of Hormuz every single day. By comparison, the recent surge in traffic remains well below normal levels. Maritime authorities estimate that between 500 and 600 vessels are still working their way through a lingering backlog created during months of disruptions, uncertainty and conflict. And the reason for that caution becomes clear when you look beneath the headlines. The central shipping channel, traditionally used by commercial traffic, is reportedly still contaminated with naval mines, forcing many operators to choose between two alternative routes. One route hugs the Iranian coastline along the northern side of the strait. The other follows a southern path, close to Oman and areas patrolled by US naval forces. Neither option, frankly, is ideal. The northern route places vessels closer to Iranian territory and potential military activity.
The southern route has become increasingly popular, but some operators remain concerned about security conditions and the possibility of renewed tensions, adding to the uncertainty or continued reports of GPS interference and electronic disruptions throughout the region, problems that can, of course, complicate navigation in one of the world's most important maritime routes. As a result, well, a large number of shipping companies are still opting for a wait-and-see approach.
Several major carriers still have vessels stranded in the Gulf while their security teams assess conditions and determine when it will be safe to proceed. Others are moving cautiously, sending ships through only after extensive risk assessments and consultations with insurers. And that brings us to the most important point here. The challenge facing the Strait of Hormuz is no longer access, for now, it's confidence. Diplomats can announce ceasefires, of course. Governments can sign memorandums of understanding. Naval forces can reopen shipping lanes. But convincing ship owners and insurers and cargo operators that a route is genuinely safe, well, that takes longer. For the maritime industry, the question is no longer whether the strait is technically open. The question is whether it will stay open. That uncertainty is amplified by the fact that the current agreement is only the beginning of a broader negotiating process. The US and Iran still, of course, face difficult talks over the key issues, sanctions, nuclear issues and regional security arrangements. Nobody can say with confidence what conditions will look like when the current 60-day negotiating period comes to an end.