A convoy of oil tankers crossed the Strait of Hormuz on Saturday, marking the first major movement of ships in the strategic waterway since the United States and Israel began their war against Iran seven weeks ago.
- First major tanker movement in the Strait of Hormuz since the conflict began.
- US President Donald Trump warned the current ceasefire may not be extended beyond Wednesday.
- Significant disputes remain regarding Iran’s nuclear program and the unfreezing of frozen assets.
The convoy, consisting of four liquefied petroleum gas carriers and several chemical and oil product tankers, passed through Iranian waters south of Larak Island. MarineTraffic data indicates more tankers are following from the Gulf.
The reopening of the strait, which previously handled a fifth of global oil trade, follows a US-brokered ceasefire agreement between Israel and Lebanon on Thursday.
Trump Warns of Ceasefire Expiration
US President Donald Trump cited “some pretty good news” regarding Iran while returning to Washington from Phoenix, Arizona, though he declined to elaborate on the specifics.
While expressing optimism that negotiations over the weekend would go well, Trump stated that the ceasefire may not be extended when it expires this Wednesday unless a long-term deal is reached.
He further clarified that the US blockade of Iranian ports will continue. Trump emphasized that preventing Iran from obtaining a nuclear weapon “supersedes everything else.”
Diplomatic Standoff in Pakistan
Efforts to secure a peace agreement are centering on Islamabad, Pakistan. Field Marshal Asim Munir, the key Pakistani mediator, recently concluded three days of talks in Tehran.
A Pakistani source indicated that a meeting between the US and Iran could result in an initial memorandum of understanding, potentially leading to a comprehensive peace agreement within 60 days.
However, some diplomats expressed doubt about the likelihood of direct talks this weekend due to logistical challenges in the Pakistani capital.
Adding to the tension, Iranian parliament speaker Mohammad Baqer Qalibaf stated on social media that the Strait of Hormuz “will not remain open” if the US blockade persists.
Nuclear and Asset Disputes
Severe disagreements remain regarding Tehran’s nuclear program. Trump stated the US would remove Iran’s stockpiles of enriched uranium, a move Iranian Foreign Ministry spokesperson Esmaeil Baghaei rejected, stating the material would not be transferred.
Recent proposals show a wide gap in expectations: the US proposed a 20-year suspension of all Iranian nuclear activity, while Iran suggested a halt of three to five years.
Conflicting reports have also emerged regarding finances. While a senior Iranian official claimed there was an agreement to unfreeze billions of dollars in assets, Trump told a rally in Arizona that “no money will exchange hands in any way, shape or form.”
The market responded positively to the prospect of resumed marine traffic, with global stocks jumping and oil prices falling approximately 10 percent on Friday.
Britain announced that more than a dozen countries are willing to join an international mission to protect shipping in the strait once conditions permit.
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