Iran Ships 20 Million Barrels After Trump Deal Reopens Hormuz

Eleven tankers carrying a combined 20 million barrels of crude left Iran’s Chabahar port this week after President Trump signed an interim agreement that reopened the Strait of Hormuz. The waterway, which normally carries a fifth of global oil flow, had been restricted for more than 100 days.

Shipping data from Bloomberg recorded the departures after the memorandum of understanding between Washington and Tehran loosened export limits.

U.S. average gasoline prices dropped below $4 a gallon. 50 as of Friday afternoon. Follow-up peace talks scheduled for Geneva were postponed this week.

An Islamic Revolutionary Guard Corps statement suggested the strait had closed again, but Iran’s Foreign Ministry later said it remained open. 7 million barrels per day last month, nearly 40 percent below the 2025 average. The reduction equals roughly 4 million barrels a day of lost demand, comparable to the combined consumption of Germany and France.

LPL chief technical strategist Adam Turnquist noted Brent crude has fallen nearly 40 percent from its April highs. December Brent contracts traded near $77 a barrel, down from $86 last week and roughly $95 a month ago. Strategic reserve releases, lower refinery runs, and new output from Brazil, Guyana, and the United States have offset some supply pressure.

Tanker traffic through Hormuz remains below pre-war levels even after the gradual resumption of shipments. Roach said the central question is how long Beijing can continue importing so little crude. Turnquist said markets are betting that some version of the current diplomatic framework survives, though traders remain cautious after the Geneva postponement.