Iranian oil tankers have begun exiting the US blockade zone in the Strait of Hormuz, with several vessels carrying millions of barrels of crude oil. This movement comes just two days before Washington and Tehran are set to launch further talks to end their conflict, triggered by US-Israeli strikes on Iran on February 28. The framework agreement, signed electronically by US President Donald Trump, Vice President JD Vance, Iranian Deputy Foreign Minister Majid Takht-Ravanchi, and top negotiator Mohammad Bagher Ghalibaf, will allow Iran to immediately begin selling oil and fuel.
According to TankerTrackers, the National Iranian Tanker Company (NITC) tankers Diona and Hero 2, carrying a combined 3.8 million barrels of Iranian oil, passed the blockade line on Tuesday. Additionally, the NITC-operated Sonia I, carrying 1 million barrels of crude, exited the blockade on Wednesday. A third tanker, Stream, was also observed sailing towards Iranian ports. In total, close to 5 million barrels of Iranian crude oil were transported by these vessels, which broadcast their locations in the northern Arabian Sea.
The negotiations for a final settlement are scheduled to commence on Friday at Switzerland's Burgenstock mountain resort. The talks, expected to last over 60 days, aim to lead to an agreement on Iran's nuclear program and a comprehensive plan to lift international sanctions. The immediate waiver of sanctions on oil sales will also encompass associated services such as banking, transportation, and insurance, as reported by The Wall Street Journal. News of the Strait of Hormuz's imminent reopening has already caused world oil prices to tumble, with Brent crude futures falling below $80, their lowest level since the conflict began.
The US blockade, in place since mid-April following the disintegration of Pakistan-brokered negotiations, was intended to exert economic pressure on Iran by cutting off its oil export capabilities. However, President Trump stated that the strait will be "completely open," and that oil-loaded ships had begun passing through the waterway. The reopening of the Strait of Hormuz, a crucial passage for a fifth of the world's oil and natural gas supplies before the war, represents a major win for the global economy. Oil tankers are already repositioning in the Middle East in anticipation of the resumption of full traffic, with empty vessels gathering in the Gulf of Oman.
