Against the backdrop of an increasing number of tankers passing through the Strait of Hormuz, the gradual restoration of oil and petroleum product transportation in the region, and progress achieved in US-Iran diplomatic talks, the downward trend in oil prices on world exchanges continues.
According to sea-news.az the price per barrel of Brent crude oil on London’s ICE exchange dropped to $76, while a barrel of Light (WTI) oil on New York’s NYMEX exchange fell to $72.
Safety Guarantees and a Temporary Maritime Corridor
According to analysts, the fact that tankers have once again begun safely passing through the Strait of Hormuz indicates growing confidence among shipowners and insurance companies. Indeed, the International Maritime Organization (IMO) has declared that it has secured specific safety guarantees allowing hundreds of vessels to leave the Gulf region without hindrance.
At the same time, the Ministry of Transport of Oman announced that the option of establishing a temporary maritime corridor, which will be open to all vessels, is being evaluated in coordination with the IMO. Vessels wishing to utilize this corridor will be coordinated directly through the IMO.
On the other hand, although the initiation of discussions between Iran and Oman regarding the joint management of the Strait of Hormuz and transit costs has raised concerns that Tehran might impose a transit fee in the future, official Muscat emphasized that passages remain entirely free of charge, in accordance with international maritime law and US-Iran diplomatic initiatives.
Navigation Indicators Are Recovering
According to engineering-analytical data from vessel tracking systems, a total of nearly 180 tankers passed through the Strait of Hormuz between June 18 and 22, averaging 34 tankers per day. This constitutes approximately 25 percent of the pre-war navigation intensity.
For comparison, it should be noted that before the regional military conflict began on February 28 of this year, an average of 130 commercial vessels passed through the strait daily. During the 100 days of active warfare, this indicator dropped to 1 on certain days, and the average daily traffic was limited to just 10 vessels. As a result, the movement of global maritime trade had decreased by up to 95 percent. The current diplomatic breakthroughs, however, are rapidly erasing the geopolitical risk premium in the markets.
