Oil prices saw a decline as news emerged of Iranian oil tankers exiting the US blockade zone in the Strait of Hormuz. International benchmark Brent North Sea crude fell to $78.74 a barrel, while the main US oil contract, West Texas Intermediate, was $75.85 a barrel. This movement of tankers comes just two days before Washington and Tehran are set to begin more talks after reaching a framework agreement to end their war, with a final settlement expected to begin on Friday at Switzerland’s Burgenstock mountain resort.
According to TankerTrackers, a maritime tracking service, several tankers carrying Iranian oil successfully crossed the US blockade line. For instance, two National Iranian Tanker Company (NITC) very large crude carriers (VLCCs), Diona and Hero II, were identified as having exited the perimeter, carrying a combined total of 3.8 million barrels of Iranian crude oil. A third tanker, Sonia I, also operated by NITC, was reported to have sailed past the US Navy's blockade line carrying 1 million barrels of Iranian crude.
The reappearance of these tankers and the impending peace talks signal that the US will allow Iran to immediately begin selling oil and fuel. The Wall Street Journal reported that a waiver of sanctions on oil sales would take effect immediately after the signing of the memorandum of understanding (MoU), also covering services such as banking, transportation, and insurance. This anticipated influx of Iranian oil into the global market is expected to ease upward pressure on oil prices and stabilize fuel costs worldwide. This would mark Iran's first crude oil exports in two months. Before the blockade, Iran's crude exports were 1.67 million barrels per day in 2025 but had dropped to 260,000 barrels per day in May due to the blockade.
