US-Iran Deal Includes 60-Day Toll-Free Hormuz Transit Window
Hundreds of tankers wait for the Strait of Hormuz to reopen by week's end under a new US-Iran agreement. Nearly 300 loaded vessels sit idle in the Persian Gulf.
Financial TimesA US-Iran deal includes a 60-day toll-free window for vessels transiting the Strait of Hormuz. Traffic on the waterway remained light Monday morning. Hundreds of tankers are waiting for the Strait to officially reopen by the end of the week.
Nearly 300 loaded vessels are idling in the Persian Gulf, while a similar number of empty ships are waiting in the Gulf of Oman to return to export terminals. UBS economist Arend Kapteyn told clients earlier Monday that the test will be how quickly and to what extent the Strait of Hormuz reopens.
Early indications suggest this may depend on Iran clearing naval mines over an initial 30-day period, Kapteyn stated.
ZeroHedge reported the details of the agreement and the current vessel counts. Oil prices fell globally after the US-Iran agreement signaled the Strait reopening and greater stability in energy supplies.
