Nearly one in five commercial ships transiting the Strait of Hormuz on Monday were sanctioned vessels involved in transporting Iranian oil, according to tracking data.
Of the 48 ships confirmed to be crossing the strait, nine were identified as previously sanctioned for their role in transporting energy for Iran, Russia, and Venezuela, maritime analyst Kpler reported. Among these were the Iran-flagged Warta, a bulk carrier, and the Curacao-flagged crude oil tankers Asha and Lumina Ocean, which sailed along the northern side of the strait.
Other sanctioned tankers observed included the Curacao-flagged Titan, Botswanan tanker Vigor, Gambia-flagged Elva, Guyana-flagged Nichola, Botswana-flagged Virgo, and Mali-flagged Sea Ace. At least five of these tankers were recorded carrying up to 4 million barrels of oil, the BBC reported.
This increase in traffic comes as the United States ended its blockade on Iranian ports and issued a 60-day waiver on sanctions, allowing for continued negotiations between Washington and Tehran. Since the memorandum of understanding between the U.S. and Iran was signed on June 17, at least 30 tankers carrying Iranian crude and petrochemicals have exited the waterway, according to the monitoring group United Against Nuclear Iran.
In total, at least 172 vessels have traversed the Strait of Hormuz since the memorandum was signed, with traffic volume reportedly growing as ships aim to pass during the current ceasefire period. Iran's National Iranian Oil Company is reportedly working to expedite the export of its crude to Asia.
The U.S. blockade had previously left Iran with significant stored crude oil and limited export options. Iran has been seeking to secure buyers in India, Japan, and South Korea. As of Tuesday, Iran had approximately 68 million barrels of crude and condensate on the water, with about 80% of this supply available for sale, according to analytics firm Vortexa.
Experts suggest that the current free flow of Iranian oil at market prices, the first in 35 years, provides Iran with an incentive to prolong the peace talks. This situation allows Iran to potentially secure substantial economic benefits before any significant hurdles arise in negotiations, potentially weakening the U.S. negotiating position during the 60-day period.