Vessels and watercraft in the Strait of Hormuz near the coast of Musandam, Oman, on Monday. Reuters
Tehran and Washington appear ready for another set of discussions to resolve the conflict initiated by the US-Israeli attack. However, several of the most contentious issues remain unsettled, including the situation of the congested Strait of Hormuz.
Thousands of sailors continue to be stranded in the crucial waterway, typically a channel for about one-fifth of the globe’s oil and gas resources. Since late February, the movement of oil through the channel has diminished to a slow trickle, primarily consisting of Iranian barrels, as reported by consultancy Rystad Energy.
Tehran is resolved to maintain partial control of the strait, an international maritime route that Iranian officials have effectively blockaded since the war began, driving up energy prices globally.
Numerous analysts currently view a possibly permanent tolling system for vessels navigating the waterway, though with significant caveats. It remains uncertain if the US would consent to such a scenario, which might grant Iran significant power over the global economy.
Currently, shipping passages through the strait are still restricted, having dropped from more than 100 transits daily prior to the onset of the conflict. According to S&P Global Market Intelligence on Monday, thirty-six ships transited from Friday to Sunday, with Saturday recording the “largest number” since early March. It noted that the vessels comprised four passenger ships.
Since April 13, when the US enacted the blockade, at least 27 Iranian ships have crossed the channel, shipping analytics company Kpler reported to Xenix News on Tuesday. During that period, CENTCOM has ordered numerous ships to alter their routes.
One data provider stated that shipping through the strait “continues to be highly limited.”
“According to CRU Group, which monitors commodity prices and supply, this disruption is expected to persist at least until the end of May, maintaining volatility in energy markets and high prices,” the company stated on Tuesday.
The company emphasized that “not reaching an agreement to reopen traffic through Hormuz would significantly impact the global economy.”
Xenix News reporting contributed by Eleni Giokos.
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