First Iranian tankers exit U.S. blockade zone ahead of peace talks
Four Iranian tankers have exited the U.S. Navy control zone outside the Strait of Hormuz and set sail for global markets. The move offers the most concrete sign yet that Tehran and Washington are preparing for substantive talks after their recent agreement.
According to Al Jazeera, the tankers had been moored at Iran's Khark Island terminal for the past three weeks. Cargo manifests show a total of 3.8 million barrels of crude bound for Singapore and the Chinese port of Ningbo. The U.S. Navy's Fifth Fleet confirmed the transit directly and said the additional control zone had been temporarily reduced.
Iran's oil minister Mohsen Paknejad called the movement "the start of restoring economic sovereignty." A U.S. Treasury spokesperson said secondary sanctions on Tehran were being reviewed at a technical level during the negotiation process. Reuters reported that China's Sinopec and Indian Oil Corporation had pre-purchased some of the cargoes.
Brent traded in a narrow range after the news. Asian refining margins reacted positively while European margins came under some pressure. The next U.S.-Iran technical working meeting is expected to take place next week in Doha, with the easing of energy sanctions topping the agenda.
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