US Navy Ends Blockade of Iran's Ports Under Trump Direction

AI Summary

The U.S. Navy lifted its blockade of Iran's ports as directed by President Trump, ceasing all military blockade enforcement efforts. A memorandum of understanding between the U.S. and Iran allows commercial vessels to transit the Strait of Hormuz without tolls for 60 days. Reports indicate more than 12 million barrels of oil transited Hormuz overnight, with three Saudi tankers carrying around 6 million barrels. Oil flows could near 50% of prewar levels within 30 days if the agreement is fully implemented, according to trade intelligence firm Kpler.