Breaking

"Traffic through the Strait of Hormuz rises… highest level since early March"

Minseung Kang

Summary

It reported that traffic through the Strait of Hormuz has increased to its highest level since the early stages of the Middle East conflict.
It said current volumes remain far below the pre-war average of about 135 vessels.
It noted that the market sees the recovery as limited, with the situation hinging on Iran’s control of the strait and its decisions.

Reports say the number of vessels transiting the Strait of Hormuz is gradually recovering despite tensions in the Middle East.

According to Odaily, a media outlet specializing in virtual assets (cryptocurrencies), traffic through the Strait of Hormuz has risen to its highest level since the early stages of the recent Middle East conflict. Over the weekend, a total of 21 vessels passed through the waterway, marking the busiest two-day period since early March.

The trend is seen as stemming from some countries reaching agreements with Iran on safe passage. Even so, current volumes remain well below the pre-war average of about 135 vessels.

Markets are focusing on the fact that the recovery in traffic is proceeding only within a limited range. A crude oil analyst at a Singapore-based energy analysis firm said, "Iran is responding to requests from allied countries while strengthening its control over the strait," adding, "Whether passage is allowed still depends on Iran’s decision, and the situation could change quickly if the conflict escalates."

The outlet reported that "many vessels are currently understood to be moving close to their own coastlines along routes presented by Iran," and added that "some vessels are also showing signs of choosing the opposite coastal route."