Iran resumes oil exports after 2 months as tankers cross US blockade zone in Strait of Hormuz following Iran-US peace deal.
Iranian oil tankers have begun crossing the American blockade zone in the Strait of Hormuz, resuming crude oil exports after a gap of nearly two months. The development follows a peace agreement reached between Iran and the United States, with both sides having already exchanged digital signatures on the accord.
The formal signing ceremony is scheduled for 19 June in Switzerland, after which all terms of the deal will be made public and the agreement will come into full effect. As part of the accord, the Strait of Hormuz is to be formally reopened on 19 June and the American naval blockade officially lifted.
With the deal effectively agreed, Iranian tankers have wasted no time. According to maritime tracking platform TankerTrackers, two Very Large Crude Carriers (VLCCs) belonging to the National Iranian Tanker Company (NITC) have already passed through the blockade zone, carrying a combined 3.8 million barrels of Iranian crude oil. A third NITC vessel — a Suezmax-class tanker — has since followed, with an additional 1 million barrels on board.
A Major Economic Relief for Iran
Iran holds vast crude oil reserves, and the two-month suspension of exports had dealt a serious blow to its economy. The resumption of shipments through the Strait of Hormuz is expected to bring considerable revenue back to Tehran and provide much-needed relief to its finances.
Global Markets and Importing Nations to Benefit
The halt in Iranian oil exports had created difficulties for several countries that depend on Iranian crude, including India. With peace restored, the blockade being lifted, and exports now flowing again, the broader global oil and gas supply situation is expected to improve — benefiting both Iran and energy markets worldwide.