Hormuz Traffic Recovering After US-Iran Deal, Lloyd’s List Says

More cargo vessels are leaving the Middle East Gulf through the Strait of Hormuz after the U.S.-Iran deal, Lloyd's List, an intelligence service for the global maritime and shipping industry says. At the time of writing, at least 14 transits through the Strait of Hormuz were recorded on Thursday, June 18, up from just two on the same day last week, it says on Thursday morning. U.S. President Donald Trump signed a historic 14-point memorandum of understanding with Iranian President Massoud Pazeshkian on Wednesday during a G7 reception at the Palace of Versailles, which effectively halts military operations on all fronts, reopens the vital Strait of Hormuz, allows Iran to freely export crude oil, and kicks off the 60-day negotiating window to downblend Iran's enriched uranium stockpile. The deal drove down the energy prices substantially. Brent crude futures plunged below $78 a barrel in early trading on Thursday, and the U.S. national average for regular gasoline dropped to $3.99, falling below $4 for the first time since March.