The First Tankers Passed Through The Strait Of Hormuz After The Signing Of A Memorandum Between The United States And Iran

Oil prices have fallen.

On June 18, following the signing of a memorandum of understanding between the United States and Iran, two Saudi-flagged tankers carrying 6 million barrels of crude oil passed through the Strait of Hormuz. This was reported by Reuters.

The tankers were following a route approved by Tehran to ensure safe passage for ships, according to Bloomberg.

The Strait of Hormuz, through which up to 20–30% of the world’s oil and liquefied natural gas is transported, was blocked due to the escalation of the conflict between Iran, Israel, and the U.S. Reopening the strait was one of the terms of the agreement between the parties. As Axios reported, according to the document, Tehran was required to ensure the free passage of ships through the strait without additional fees for 60 days, with the possibility of introducing relevant fees after that period ended.

Although shippers believe that transit through the strait will not return to pre-war levels for a long time—since the waters must be cleared of mines and the safety of navigation must be guaranteed—the first changes are already noticeable. Ships that previously concealed their location by turning off their transponders are now openly transmitting their coordinates and preparing to pass through the strait.

Against this backdrop, Brent crude oil futures fell another two percent, dropping below $78 per barrel—the lowest level since the start of hostilities, the article states.

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