U.S.-Iran Deal Allows Oil Transit in Strait of Hormuz for 60 Days

The U.S. and Iran signed a memorandum allowing oil tankers to transit the Strait of Hormuz toll-free for 60 days. As of Thursday, three supertankers from Saudi Arabia carrying 6 million barrels of oil have crossed this critical waterway. Following the agreement, the U.S. Navy has ceased its blockade of Iranian ports. U.S. officials state that any economic relief for Iran is conditioned on the country fulfilling its commitments outlined in the deal.