Over 100 vessels crossed the Strait of Hormuz as a US-Iran ceasefire boosts energy flows, with Brent crude stabilizing near prewar levels.
More than 100 vessels crossed the Strait of Hormuz over the weekend as a US-Iran ceasefire lifted energy flows, reported the New York Times.
Maritime data firm Kpler stated that 108 ships transited the strait, down from 129 in the prior three days but well above wartime lows. Traffic began recovering after Washington and Tehran agreed to a preliminary truce.
Brent crude held steady at about US$72 a barrel, near prewar levels, after spiking to $118 at the conflict's onset. US gasoline averaged $3.80 a gallon, up 27.5 percent since fighting began.
Control of the strait remains disputed. Iran insists ships hug its coast, while US officials demand prewar free passage conditions. Under last month's deal with President Trump, Iran pledged to waive fees for 60 days and coordinate with Oman on future administration.
The International Maritime Organization reported that 300-400 vessels with 6,000 crew remain stranded in the Gulf. About 11 ships per day exited between June 27 and July 5.
