Iranian vessels seen exiting blockade area for first time in months

At least three Iranian tankers carrying nearly 5,000,000 barrels of crude oil exited the United States Navy blockade in the Strait of Hormuz. This marks the first such outbound shipment in two months as shipowners cautiously reposition their vessels ahead of a United States-Iran deal signing in Geneva on Friday. Two supertankers owned by the National Iranian Tanker Company under United States sanctions made it through the blockade perimeter carrying a combined total of 3,800,000 barrels of crude oil. According to shipping data provider Kpler, a third Iran-linked tanker carrying 1,000,000 barrels of Iranian crude also exited the blockade line on Wednesday. Analysts suggest their departure implies other trading tankers prepare to resume operations.

The developments follow a Memorandum of Understanding signed by the United States and Iran on Monday to end the nearly four-month war. The formal signing ceremony takes place on Friday in Geneva, with the pact expected to reopen the Strait of Hormuz and waive sanctions on Iranian oil sales. Reports indicate Washington will allow Tehran to immediately begin selling oil and fuel in exchange for a commitment to curb its nuclear programme. The Strait of Hormuz, which previously handled about a fifth of global oil flows, remained effectively shut for the duration of the conflict due to the United States Navy blockade.

The maritime sector views the news with wary disbelief rather than celebration as insurers hold firm on high war-risk premiums. Industry experts demand solid evidence that the waterway will remain safe, viewing the pause in hostilities as a fragile reprieve rather than a return to normality. While some large crude carrier owners look to gain a first-mover advantage by positioning tankers toward the Middle East Gulf, overall traffic through the strait remains minimal. Both blockades remain in effect until the deal is formally signed on Friday, with the United States Navy reminding the industry that nothing changes until the agreement is finalised.

-CNBC