Market News

(Bloomberg) -- A growing stream of stranded oil is making its way out of the Strait of Hormuz while empty Iranian vessels rush in, as the US-Iran interim peace deal sparks one of the biggest days of activity since the conflict began.

Four supertankers carrying about 8 million barrels of oil have either emerged outside the strait or are sailing through, including the first Saudi-owned tankers since the start of the war. Qatar sent a cargo of liquefied natural gas through the waterway with its signal on, while another LNG vessel last seen outside the Persian Gulf appeared at a Qatari berth on Thursday morning. Five Iran-linked have also entered the waterway, according to vessel tracking data compiled by Bloomberg.

The coming days will prove a crucial test after Iran committed to facilitate the return of traffic levels through the Strait to prewar levels within 30 days. The near-closure of the waterway sent energy prices spiking early in the conflict, although markets had retreated even before the peace deal as China reduced its imports, US exports surged, and a growing number of tankers began sailing with their signals off.

The journeys could mark the first step of a wider reopening of Hormuz, which if sustained would allow gulf producers to restart output that has been shut since early March. In recent weeks, millions of barrels a day had already been transiting dark prior to the signing of the deal and Thursday’s increase in flows will mean that even more barrels from more than 100 stranded tankers inside the gulf are now gushing to markets.