The first oil tankers crossed the Strait of Hormuz overnight on June 18, US Vice President JD Vance announced. This came just hours after the United States signed a peace agreement with Iran.
“About 12.5 million barrels of oil passed through the Strait of Hormuz overnight,” Vance said. According to him, this is the highest figure since the start of the war between the US and Iran.
At the same time, oil prices fell back to pre-war levels. Futures for Brent crude, the global benchmark, dropped below $78 per barrel, their lowest level since the war began on February 28, reports Reuters.
US Central Command (CENTCOM) simultaneously announced that it had lifted the blockade of Iran’s ports.
The Strait of Hormuz is critically important for global trade. Before the war, one-fifth of the world’s oil supplies passed through it. Amid the fighting, Brent prices had climbed as high as $120 per barrel.
