Strait of Hormuz reopens as oil tankers move under US-Iran peace deal
By Aboki Forex —
A major shift is underway in the Strait of Hormuz. Four supertankers carrying about 8 million barrels of oil have either moved out of the waterway or are sailing through. This includes the first Saudi-owned tankers to pass since the conflict began.
Qatar also sent a cargo of liquefied natural gas through the strait with its signal on. Another LNG vessel appeared at a Qatari berth on Thursday morning. Five Iran-linked vessels have entered the waterway, according to vessel tracking data.
This activity follows the US-Iran interim peace deal. Iran has committed to restore traffic through the strait to prewar levels within 30 days. The near-closure of the waterway earlier caused energy prices to spike.
Prices had already eased before the deal as China cut imports and US exports rose. Many tankers also began sailing with their signals off. These new journeys could be the first step toward a wider reopening of Hormuz.
If sustained, Gulf producers can restart output that has been shut since early March. Millions of barrels a day had already been moving in the dark before the deal was signed.