Iranian oil tankers depart US-blockaded area

Three Iranian oil tankers have left a US navy-blockaded area in the Gulf, marking Tehran's first crude oil exports in two months.

Oil tracking site TankerTrackers reported on X on 17/6 that at least two supertankers from the National Iranian Tanker Company (NITC), DIONA (9569695) and HERO2 (9362073), had departed a US navy-blockaded area. These vessels carried approximately 3,8 million barrels of Iranian crude oil. TankerTrackers' information, based on digital tracking data, was confirmed by satellite imagery. The site later updated that another NITC tanker also "crossed the area, carrying 1 million barrels of Iranian crude oil".

These reports suggest the US has seemingly lifted the blockade previously applied to all vessels arriving at and departing from Iranian ports. This development comes two days before Washington and Tehran are scheduled to sign a peace agreement at the Burgenstock mountain resort in Switzerland. While the document has been agreed upon in principle, many details, such as Iran's nuclear program and the roadmap for sanctions removal, remain outstanding.

The Wall Street Journal reported on 16/6 that the agreement to end hostilities would allow Iran to immediately resume oil and fuel sales. The waiver of sanctions on oil exports will take effect immediately after the signing ceremony. It will also extend to services such as banking, shipping, and insurance.

Iran's DIONA oil tanker in 2018. *Photo: Marine Traffic*

According to officials, negotiations for the final agreement will commence immediately after the signing in Switzerland and last 60 days. These talks aim to decide the future of Iran's nuclear program and the plan to lift international economic sanctions against Tehran.

News that the strait of Hormuz would reopen led to a sharp drop in world oil prices. However, optimism that the conflict might be nearing an end was somewhat overshadowed by new Israeli attacks in southern Lebanon. Israeli Prime Minister Benjamin Netanyahu stated that his country's forces would maintain their presence in Lebanon, Syria, and the Gaza Strip "as long as necessary".

Iranian Foreign Minister Abbas Araghchi said on 16/6 that the most important aspect of the agreement is the immediate and permanent cessation of hostilities on all fronts, including in Lebanon. He added that the cessation of hostilities would not be considered complete "unless Israeli forces withdraw from the territories they occupied in this conflict".