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Latest Business News, Business News India Today | The HinduBusinessLine

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Convoy of tankers is seen crossing Strait of Hormuz, vess...
2026-04-18 · via Latest Business News, Business News India Today | The HinduBusinessLine
The Malta-flagged tanker Agios Fanourios I, an oil tanker that sailed through the Strait of Hormuz, arrives in Iraq’s territorial waters off Basra, Iraq, April 17, 2026.

The Malta-flagged tanker Agios Fanourios I, an oil tanker that sailed through the Strait of Hormuz, arrives in Iraq’s territorial waters off Basra, Iraq, April 17, 2026. | Photo Credit: MOHAMMED ATY

A convoy of eight tankers ​was crossing the Strait of Hormuz on Saturday, data showed, as ‌some ship owners said they hoped Tehran would allow ​them to leave the Gulf during a short ⁠ceasefire window in the Iran war.

The group - comprising one very large crude oil carrier (VLCC), several oil product and chemical tankers and liquefied petroleum ‌gas (LPG) carriers - was passing through Iranian waters south of Larak island, according to MarineTraffic data. More tankers ‌were seen following from the Gulf.

Hundreds of ships have ‌been ⁠stuck in the Gulf since the US and ⁠Israel launched the war on Iran at the end of February and Tehran retaliated by closing the strait, forcing large oil and gas production cuts ​across all Gulf oil ‌producers.

Iran reopened the strait, which before the war carried a fifth of the world’s oil trade, following a separate US-brokered ceasefire on Thursday by Israel and Lebanon.

Some ship owners ‌said they might try to use the window ​of opportunity to leave the Gulf while the ceasefire lasts. They all asked not to be named due ⁠to the sensitivity of the issue.

A number of ships have also been observed approaching the strait and turning back since ‌yesterday afternoon, indicating that the passage was still restricted.

In a statement on Saturday morning, a spokesperson for the Iran’s Revolutionary Guards said: “Following prior agreements reached in negotiations, the Islamic Republic of Iran, acting in good faith, agreed to the managed passage of a limited number of oil tankers and commercial vessels ‌through the Strait of Hormuz.”

The closure of the Strait has resulted in ​the largest supply loss in history - more than 10 million barrels of oil per day and a 20 per cent ⁠cut in global liquefied natural gas supply, the International Energy Agency ⁠has said.

Top Gulf producers such as Saudi Arabia, the UAE, Iraq and Kuwait say they need a ‌steady inflow and outflow of tankers and unrestricted passage through the strait to be able to resume steady oil ​export operations.

Published on April 18, 2026