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Three Saudi Arabian-flagged supertankers reportedly transited the Strait of Hormuz after the U.S. and Iran signed a deal that will reopen the waterway.
Reuters reported the vessels, managed by Saudi Arabian shipping group Bahri, had 6 million barrels onboard. The Hill has reached out to Bahri for comment.
Across Tuesday and Wednesday, 19 vessels passed through the waterway, according to data from MarineTraffic. The shipping tracking service said four of the six crossings on Wednesday were from East to West, in the direction of Iran, Iraq and Saudi Arabia.
President Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding (MOU) on Wednesday to end hostilities between the two nations and set up further negotiations on Iran’s nuclear program.
The 14-point MOU calls for Iran and to reopen the Strait of Hormuz within 30 days. The U.S., meanwhile, would end its naval blockade of Iranian ports within the same timeframe.
After Trump and Pezeshkian signed the deal, Pakistani Prime Minister Shehbaz Sharif — a mediator in talks between Washington and Tehran — said it would take “immediate effect,” with the two sides lifting their respective shipping restrictions as initial steps.
National average gas prices in the U.S. dipped below $4 for the first time in months on Thursday, after Iran’s effective closure of the Strait of Hormuz rocked the oil industry for weeks.
Gas prices in 28 states are less than $4, while fuel costs in 22 states and Washington, D.C., remain above that threshold, according to the American Automobile Association.
Ana Subasic, a trade risk analyst at intelligence firm Kpler, wrote this week the reopening of the Strait of Hormuz “tells you almost nothing” about the oil trade.
“The relevant questions are who is crossing, when they are crossing, under what risk profile, and whether that profile creates exposure for the parties connected to the voyage — owner, charterer, insurer, bank, cargo counterparty,” she noted in an analysis.
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