As oil tankers continue to exit the strait of hormuz:sraeli conflict with Tehran has allowed the resumption of traffic through this crucial channel for global energy supplies.
According to Ghana Web, Brent crude was trading at approximately $72 a barrel on Thursday morning, mirroring the price it held before the attacks on Iran began. Energy prices surged after Tehran retaliated to the strikes, impacting neighboring countries and effectively closing the narrow strait. At its peak, Brent crude prices soared to nearly $120 a barrel, exerting pressure on global economies.
The United Nations maritime agency has been actively coordinating the safe exit of stranded commercial vessels and sailors from the Strait. It reports plans to evacuate 11,000 seafarers aboard an estimated 600 trapped ships in coordination with Iran, Oman, all other coastal states in the region, the United States, and the maritime industry. Amid a tentative 60-day ceasefire, the International Maritime Organization states that vessels will be moved gradually to prevent any risk of collision.
In times of peace, approximately 120 ships navigate the Strait of Hormuz daily, transporting about one-fifth of global oil and LNG gas exports, underscoring its significance as one of the world’s most vital waterways.