A backlog of 40 tankers carrying roughly 80 million barrels of crude is preparing to transit the Strait of Hormuz, raising expectations of increased global supply and additional downward pressure on oil prices.

Major tanker operators say the U.S.-Iran agreement is a positive step, but shipping traffic through the Strait of Hormuz may take weeks or longer to normalize as companies wait…

Iranian oil tankers are now sailing through a US blockade. This follows a deal to reopen the Strait of Hormuz. Three tankers carrying five million barrels of oil have passed.…

Oil flow through the Strait of Hormuz has surged to its highest point since late February. This follows a new US-Iran agreement entering a 60-day implementation phase. The US Navy…