Flagged in Pakistan and loaded with crude from the UAE, the Karachi transited the Strait of Hormuz—handling one-fifth of global oil—after traffic dropped from 130-150 daily ships to nearly zero due to Iran’s attacks on vessels in retaliation for U.S. and Israeli strikes.
Pakistani officials coordinated with Iran via navy channels, requiring no escort, which Iran’s foreign minister praised as solidarity.
U.S. Treasury Secretary Scott Bessent noted on March 16 that the U.S. allows Iranian oil tankers to exit to supply world markets, as Iran exports 1.5 million barrels daily despite tensions and oil prices dipping below $97 a barrel.