Introduction 1 - A single gas tanker crosses the Strait of Hormuz following a US-Iranian agreement, amid caution from shipping companies

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- Ship tracking data showed that a natural gas tanker belonging to India's Petronet passed through the Strait of Hormuz on Monday, the only vessel to do so since the United States and Iran reached an agreement to reopen the vital waterway.

The weak shipping traffic reflects the caution of shipping companies, which welcomed the agreement but are still waiting for more details, including the removal of mines from the strait, before allowing their ships to pass through.

Global oil prices fell by about four percent on Monday, amid expectations that the United States and Iran will sign a memorandum of understanding on Friday in Switzerland, outlining the steps needed to resume shipping through the Strait of Hormuz.

The US-Israeli war with Iran, which began on February 28, has largely disrupted navigation through the strait, through which about 20 percent of the world’s oil and liquefied natural gas supplies pass, along with vital commodities such as aluminum and urea.

Data from Kpler and the London Stock Exchange Group showed that the tanker (Disha) was loaded with its cargo from the Qatari port of Ras Laffan on March 1 and 2 , and has remained west of the strait ever since.

While ship tracking data did not indicate the tanker's destination, an informed source stated that it would be delivered to the Dahej terminal in India.

Petronet did not respond to a Reuters request for comment.

Kpler data showed that around 155 oil and chemical tankers were in the Gulf region as of June 15, down from 201 at the end of May.

Oil Brokerage estimated the number at around 215 tankers.

“We expect freedom of navigation to increase over the coming weeks before the shipping sector fully recovers its confidence,” said Anup Singh, head of global shipping research at Oil Brokerage. “Until then, actual shipping costs are likely to remain high and trade activity will remain sluggish.”

A spokesman for the Japan Shipowners Association said on Monday that while the group welcomed the agreement, it preferred to "wait a little longer for clearer information" when the US-Iran agreement was signed on June 19.

The spokesman added that media reports spoke of mines being planted in the area, explaining, "Under these circumstances, we cannot simply say: 'Okay, let's go,' based solely on news of the agreement."