economy
More than 12.5 million barrels of oil crossed Strait of Hormuz: Vance
Vice President JD Vance said more than 12.5 million barrels of oil have passed through the Strait of Hormuz overnight following the agreement reached with Iran, indicating that global oil markets are seeing relief from the supply disruptions that have driven up prices over the past few months.
TL;DR
- Over 12.5 million barrels of oil passed through the Strait of Hormuz overnight after a U.S.-Iran agreement.
- This marks a high volume since the conflict began, indicating relief in oil markets.
- Iran has honored its commitment by not attacking ships, and the U.S. Navy has allowed vessels to transit.
- Three Saudi supertankers carrying 6 million barrels and two Iranian oil tankers have successfully crossed the Strait.
- An estimated 118 tankers stuck in the Persian Gulf could exit within 15 days if the deal solidifies.
- Maritime experts warn that safety and security risks, including mines, remain significant concerns.
- The U.S. and Iran remotely signed a memorandum of understanding to end the war and open the Strait of Hormuz.