In a positive development for global trade, early signs of recovery have emerged following the ceasefire agreement between the United States and Iran. According to Marine Traffic data, two large vessels successfully transited the Strait of Hormuz shortly after the ceasefire announcement.
The ships, reportedly from Greece and Liberia, mark the first movements through the critical oil route after weeks of disruption.
US media reports that although the ceasefire is now in effect, ship movement through the Strait of Hormuz remains quite limited. Shipping data show that sea routes have not yet returned to normal levels of activity, mainly due to shipping companies’ cautious approach.
Experts viewed that the ceasefire is only the first step and does not mean that commercial shipping will immediately return to normal. Ship owners are currently waiting for clearance from security authorities and insurance companies to avoid any potential risks.
It is worth mentioning here that since the US and Israeli attacks on Iran, 19 naval vessels have been targeted in this sensitive region. As a result, the global shipping industry is still hesitant to fully rely on this route.
At present, around 800 ships are waiting for their turn to pass through this critical maritime corridor. If traffic is fully restored, global oil supplies could improve, potentially leading to a decrease in prices.
Iran has earlier announced the reopening of the Strait of Hormuz for two weeks at the request of Prime Minister Shehbaz Sharif and Chief of Army Staff and Chief of Defence Forces, Field Marshal Syed Asim Munir, while expressing gratitude for their efforts.
The Iranian Foreign Minister stated that they thank Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir and appreciate their role in helping to end the conflict. He added that both leaders worked tirelessly to achieve the ceasefire.
The Foreign Minister further said that if attacks on Iran cease, Iranian forces will also halt their defensive operations. He noted that the security of the Strait of Hormuz will be ensured through coordination with Iranian forces.
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