Vice President JD Vance reported that over 12.5 million barrels of oil passed through the Strait of Hormuz overnight, following a recent agreement with Iran. He stated that this volume is the highest since the beginning of the conflict. Vance noted that the Iranian military did not engage any ships in the strait for the second consecutive night, indicating compliance with their commitments. He also mentioned that the U.S. Navy has permitted more than a dozen ships to transit to Iranian ports, fulfilling part of the military agreement.
The Strait of Hormuz is a critical oil trading route, with nearly 20 million barrels of crude oil and other products typically passing through daily, accounting for 20% of global oil demand. The area has faced challenges due to mines and threats of Iranian attacks, alongside U.S. blockades on Iranian ports.
Reports indicate that three Saudi supertankers carrying 6 million barrels of oil crossed the strait, and two oil tankers from Iran successfully navigated the U.S. military blockade, carrying a total of 3.8 million barrels of Iranian crude oil. It is estimated that 118 tankers currently in the Persian Gulf could exit the waterway within 15 days if the agreement is solidified.
However, maritime experts have raised concerns about safety and security risks, as mines remain in the waterway. Jakob Larsen, chief safety and security officer at the Baltic and International Maritime Council, stated that despite the ceasefire agreement, the security situation for shipping remains volatile. He emphasized the need for thorough risk assessments by shipowners and called for prioritizing the safety of seafarers.
The U.S. and Iran signed a memorandum of understanding to end the war, open the Strait of Hormuz, and lift the U.S. naval blockade on Iranian vessels. An in-person signing of the agreement is expected to take place in Switzerland soon, with Vice President Vance planning to attend discussions on its implementation.