Oil prices have fallen to prewar levels as the United States say flows through the Strait of Hormuz are nearing normal, and its top diplomat wraps up a Gulf tour aimed at winning support for a preliminary Iran deal.
US Energy Secretary Chris Wright says shipments through the strait are approaching levels seen before the US and Israel launched strikes on Iran on February 28, with at least 20 million barrels exiting the strait in the previous 24 hours.
During the conflict, Iran took effective control of the vital chokepoint, disrupting oil flows and rattling global energy markets and the wider economy.
Despite the recovery in traffic, Iran has signaled it will continue to assert control. Its Revolutionary Guards today warned vessels to stick to routes through the strait designated by Tehran, rejecting newly announced shipping routes not coordinated with Iran as unacceptable and dangerous.
The warning came after Oman announced temporary shipping lanes through the strait in coordination with the United Nations’ shipping agency.
Data from the UN’s International Maritime Organization shows that 57 ships carrying about 1,100 seafarers have transited the strait since June 23 under the evacuation plan.
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