Oil tanker traffic through the Strait of Hormuz should quickly increase if the United States and Iran reach a credible agreement, says Frontline CEO Lars Barstad, as reported by CNBC News.

Mr. Barstad stated that Gulf states are eager to boost exports, and tankers are strategically positioned near the region to capitalize on a potential reopening. Frontline operates a fleet of 80 vessels, with five currently stranded in the Persian Gulf due to the closure.

While traffic is not expected to return soon to pre-war levels of 130 to 140 ships daily, a deal could elevate volumes above the current five to 10 ships crossing each day. Approximately 10 percent of the world's very large crude carriers are stuck in the Gulf, each capable of carrying up to two million barrels, and these vessels would be the first to exit Hormuz once it reopens.

Mr. Barstad noted that some shipping companies are holding tankers near the Gulf as a commercial strategy, although uncertainty remains due to US President Donald Trump repeatedly threatening escalation before pulling back. Shippers may eventually redeploy vessels if no agreement materializes.

The Joint Maritime Information Center downgraded Hormuz's threat level from critical to severe on June 7, citing safe transits via the southern route near Oman. Mr. Barstad indicated that vessel owners will act swiftly once risk assessments improve further.

Iran and Oman have discussed the possibility of imposing transit fees, which the US opposes. Mr. Barstad mentioned that shippers are generally averse to tolls but would adapt if necessary, noting that similar charges are already in place at the Suez and Panama canals.