A temporary agreement between the United States and Iran has paved the way for the resumption of shipping through the Hormuz Strait — one of the world’s main routes for transporting oil and other cargoes. The memorandum signed in Islamabad provides for an immediate cessation of hostilities and the restoration of commercial transit through the strait.
Under the agreement, the United States will dismantle its naval blockade within one month, while Iran will ensure safe and free passage for vessels for 60 days. Tehran has also committed to clearing mines from the waterway and removing other obstacles to navigation.
Despite the positive market reaction and the decline in oil prices following the announcement of the deal, the industry remains cautious. Iranian officials have already stated that transit fees for passage through the Hormuz Strait may be introduced after the end of the grace period. In addition, shipping companies are awaiting detailed guidance regarding safety measures and traffic management.
INTERTANKO also emphasized that mine clearance of the main shipping routes must be completed before traffic can fully return to normal. According to the association’s estimates, around 550 vessels are currently waiting to leave the Persian Gulf, which could lead to significant congestion during the first weeks after the strait’s reopening.
Read also: Eastern Pacific Continues Fleet Renewal, Exits Chemical Tanker Segment
