Iranian Ships Resume Transit Through Strait of Hormuz After Brief Halt

Maritime traffic through the Strait of Hormuz increased over the weekend after a memorandum of understanding was signed between the United States and Iran. On Saturday, 67 ships passed through the waterway, according to Energy Secretary Chris Wright.

The previous day, 55 ships made the transit. The increase followed the June 15 signing of the 14-paragraph document and its re-signing on June 19. The agreement addressed shipping access, a Lebanon ceasefire, and nuclear issues. Ships carrying approximately 36 million barrels of Iranian crude were included in the weekend traffic.

Hezbollah fired rockets into northern Israel, killing five Israeli soldiers. Israeli forces responded by striking up to 150 suspected Hezbollah sites in southern Lebanon. Iran objected to the Israeli response and threatened to withdraw from further negotiations.

Iranian state media reported that the negotiating delegation might not return to Switzerland. A U.S. diplomat told Reuters that the Iranian side remained at the table and discussed the Strait, Lebanon, nuclear matters, and implementation details until late Sunday night.

Crossings dropped to 15 ships on Sunday after the Iranian threat to close the Strait. Pre-market trading declined and oil prices rose. President Trump stated he spoke with Iranian officials overnight and warned that closing the Strait would result in loss of the country.

Senator Lindsey Graham said the president indicated that if the deal fails, U.S. forces would take control of the Strait and charge transit fees.