Qatari LNG tankers Fuwairit and Al Rayyan successfully transited the Strait of Hormuz. This marks the first major commercial LNG shipment to leave the Persian Gulf since the blockade began on February 28.
The Fuwairit is scheduled to discharge its cargo in Pakistan on May 26. The Al Rayyan is currently traveling to China.
Shipping resumed as U.S.-Iran peace talks in Doha approach a deal to permanently reopen the chokepoint. The Strait of Hormuz handles 20% of global LNG supplies.
Brent crude prices plunged nearly 7% following signs of easing supply constraints. Natural gas sentiment turned bearish on expectations of normalized export volumes.