U.S.-Iran Deal Opens Strait of Hormuz to Oil Tankers

The U.S. Navy ended its blockade of Iranian ports after the two countries signed a memorandum to end the conflict. Oil tankers are moving through the Strait of Hormuz again. Three supertankers from Saudi Arabia carrying 6 million barrels have crossed since Thursday, according to data from Kpler.

Under the agreement, Iran must let commercial vessels transit the strait toll-free for 60 days. The blockade had cut off Iranian oil exports and raised shipping costs across the region. The resumption of traffic signals a near-term drop in geopolitical risk for oil markets.

Vice President JD Vance said Thursday that Tehran will receive no direct U.S. funding. Any economic relief depends on Iran meeting its commitments, he said. The statement appeared aimed at critics who argued the deal gives Iran a financial lifeline.

Israel is not a party to the accord. Its conflict with Hezbollah has strained U.S.-Iran talks, drawing a rebuke from Trump over the military campaign in Lebanon. The separate conflict remains unresolved.

For oil markets, the immediate effect is a reduction in the risk premium tied to Hormuz closures. The 60-day toll-free window gives time for supply chains to adjust. The long-term stability of the agreement is untested.

Three supertankers have crossed since Thursday, Kpler data show. Vance said any economic relief would be contingent on Iran fulfilling its commitments.