Updated
Updated · Reuters · Jun 18
3 Saudi Supertankers Carrying 6 Million Barrels Cross Hormuz as Israel Strikes Lebanon Despite U.S.-Iran Deal
Updated
Updated · Reuters · Jun 18

3 Saudi Supertankers Carrying 6 Million Barrels Cross Hormuz as Israel Strikes Lebanon Despite U.S.-Iran Deal

3 articles · Updated · Reuters · Jun 18

Summary

  • Three Saudi-flagged supertankers carrying 6 million barrels of crude passed through the Strait of Hormuz on Thursday, hours after Donald Trump and Masoud Pezeshkian signed a memorandum to end the war.
  • The deal took effect two days early, ordering the strait reopened and a U.S. blockade of Iran's ports lifted; ships quickly resumed broadcasting positions and Brent fell 2% to below $78 a barrel.
  • In Lebanon, Israeli airstrikes killed three people on Thursday and drones flew over Beirut, even though the memorandum explicitly calls for the war there to be permanently terminated.
  • Israeli officials told Reuters they are in 'stubborn' talks with Washington to keep troops in southern Lebanon, where Israel has expanded its occupied buffer zone and says it will not withdraw.
  • The accord starts a 60-day negotiation toward a final settlement, but the Lebanon dispute has opened one of the sharpest U.S.-Israeli rifts in decades and left displaced Lebanese unsure the war is truly over.

Insights

With a fragile peace deal in place, can the massive backlog of tankers navigate potential sea mines safely?
Will Iran’s plan to charge future transit fees in the Strait of Hormuz ignite a new global conflict?
As oil prices plummet after the Hormuz deal, is the world economy ready for a sudden supply glut?