Azernews.Az

Ulviyya Poladova

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Global oil prices continue to decline amid increasing tanker traffic through the Strait of Hormuz, a gradual return to normal oil and petroleum product flows, and reported progress in US-Iran negotiations, AzerNEWS reports.

At present, Brent crude oil is trading at around $76 per barrel, while West Texas Intermediate (WTI), also known as Light crude, is priced at approximately $72 per barrel.

Analysts say the visible return of tankers passing through the Strait of Hormuz signals growing confidence among shipping operators. The International Maritime Organization (IMO) has reportedly issued security assurances allowing hundreds of vessels to resume transits through the Gulf.

Iran and Oman have also begun discussions on managing the Strait of Hormuz, including potential transit arrangements and fees, raising concerns that Tehran could seek payments for passage. Meanwhile, Oman has stated that it is coordinating with the IMO on establishing a temporary maritime corridor open to all vessels. Under the proposed arrangement, ships wishing to use the corridor would be required to coordinate through the IMO.

According to Oman’s Ministry of Transport, transit through the Strait is currently continuing without fees, in line with international maritime law and recent diplomatic efforts between the United States and Iran.

Ship tracking data shows that between June 18 and 22, an average of 34 tankers per day passed through the Strait of Hormuz, totaling nearly 180 vessels over the period. This represents roughly 25% of pre-war traffic levels.

Before the conflict involving the US-Israel and Iran began on February 28, about 130 commercial vessels passed through the Strait daily. During the conflict, however, traffic dropped sharply, at times falling to just one vessel per day, with an average of only 10 vessels daily over a 100-day period.

The Strait of Hormuz is a narrow maritime passage between the Persian Gulf and the Gulf of Oman, holding significant strategic importance as approximately 20% of global oil supplies and around 25% of liquefied natural gas (LNG) exports pass through it. Essentially, it serves as an energy artery for countries in Asia, Europe, and even the United States.

The strait separates Iran from Oman, and in some areas, the width of the shipping channel is only two miles on each side. Given its critical role in global energy supply chains, ensuring the safety and security of this vital waterway is paramount for international trade and economic stability.

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