Shipping through the Strait of Hormuz is beginning to recover after several months of tension in the region. This is reported by Bloomberg, according to UNN.
Details
According to the agency, an increasing number of shipowners are venturing through the strategically important waterway after consultations with U.S. Central Command.
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The U.S. military does not escort commercial vessels, but it does provide them with recommendations for safe passage through the strait. At the same time, one of Bloomberg's interlocutors reported that during one of the voyages, Iranian speedboats approached the vessels, but retreated after U.S. helicopters appeared.
Shipping is gradually recovering
According to market participants, vessels from companies that had not used this route since the beginning of the conflict between the U.S. and Iran are already passing through the Strait of Hormuz. Some ships are making both entries into and exits from the Persian Gulf. In addition, state-owned companies of regional countries, including the United Arab Emirates and Qatar, continue to transport oil and liquefied natural gas through the strait.
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Some vessels are making voyages with satellite transponders turned off, which means official statistics may not reflect the real volume of traffic. At the same time, monitoring data shows that at least a quarter of non-Iranian vessels that remained blocked after the start of the conflict have already been able to leave the region.
Market reacts to signals of agreements
Optimism is bolstered by reports that the U.S. and Iran are nearing a preliminary agreement to extend the ceasefire for 60 days and begin negotiations regarding Tehran's nuclear program. According to Bloomberg, the agreement still requires approval from U.S. President Donald Trump.
Market participants believe that if the truce holds and the security situation stabilizes, shipping volumes through the Strait of Hormuz could increase significantly, affecting global supplies of oil, gas, and other commodities.
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