White House Says Supertankers Are Passing Through Hormuz as Oil-Flow Hopes Rise

Oil shipments through the Strait of Hormuz appear to be resuming. Reports that large tankers are transiting the waterway are raising hopes that concerns over Middle East crude supplies may ease.

White House National Economic Council Director Kevin Hassett said very large tankers were passing through the Strait of Hormuz, according to overseas markets news account Walter Bloomberg on June 22.

Vessel-tracking data show that two very large crude carriers entered Gulf waters through the Strait of Hormuz. The ships are set to load a combined 4 million barrels of crude, and one of them is reportedly headed to Iraq's Basra port.

Two smaller tankers carrying less than 2 million barrels of crude in total also passed through the Strait of Hormuz into the Gulf of Oman, the data showed.

Markets are watching continued traffic through the strait for signs that supply fears, which had intensified on Middle East geopolitical risks, may ease. US Vice President JD Vance had earlier said the Strait of Hormuz remained open and that the groundwork had been laid for a final agreement between the US and Iran.

Separately, Hassett said lowering the US debt-to-GDP ratio was also a high policy priority.