Iranian oil tankers have begun exiting the US blockade in the Strait of Hormuz ahead of an impending peace deal between Washington and Tehran. Two National Iranian Tanker Company (NITC) supertankers, the Diona and Hero 2, carrying a total of 3.8 million barrels of Iranian crude oil, exited the blockade line on Tuesday. A third NITC tanker, the Sonia I, carrying 1 million barrels, also passed the US Navy's blockade in the Gulf of Oman on Wednesday. This marks Iran's first crude oil exports in two months, with digital tracking data and satellite imagery confirming the movements.
These developments come just two days before Washington and Tehran are set to launch more talks to finalize a peace agreement, triggered by US-Israeli strikes on Iran in February. The talks, scheduled to begin on Friday at Switzerland's Burgenstock mountain resort, will follow the electronic signing of a framework agreement by US President Donald Trump, Vice President JD Vance, Iranian Deputy Foreign Minister Majid Takht-Ravanchi, and Tehran's top negotiator, Mohammad Bagher Ghalibaf. News of the Strait of Hormuz reopening has already sent world oil prices tumbling, with Brent North Sea crude falling to $78.74 a barrel and West Texas Intermediate to $75.85 a barrel on Wednesday. The US will allow Iran to immediately begin selling oil and fuel, with a waiver of sanctions on oil sales, banking, transportation, and insurance taking effect immediately after the memorandum of understanding (MoU) is signed.
In anticipation of the Strait of Hormuz reopening, oil tankers in the Indian Ocean have begun changing course towards the Middle East. The Suezmax Kapodistrias 21 and the Very Large Crude Carrier Coslucky Lake both diverted their routes to Fujairah in the United Arab Emirates from Gabon and South Africa, respectively. The number of empty supertankers waiting just outside the Strait of Hormuz in the Gulf of Oman has increased to approximately 60 this week, up from about three dozen earlier this month, as shipowners position themselves to capitalize on the resumption of oil flows. Qatar is also bringing some of its liquefied natural gas (LNG) tankers back to the Middle East to ramp up exports once the strait reopens. Separately, the US military has been overseeing secretive ship-to-ship oil transfers involving at least 116 vessels since early May to keep Gulf energy exports moving during Iran's blockade.
