Commercial tanker traffic through the Strait of Hormuz fell to just five vessels on Tuesday, according to preliminary data from Kpler cited by Al Jazeera and CNBC, compared with a 10-day average of 15 tankers.
The decline follows a sharp reduction in shipping activity after the U.S.-Iran conflict began in late February, during which Tehran effectively restricted movement through the strait, a critical chokepoint for global oil and liquefied natural gas flows. Before the conflict, roughly one-fifth of the world’s oil and LNG transited the strait.
Brent crude prices eased below $90 per barrel on Tuesday, reaching $87.01, as diplomatic signals improved. Reports from Russia’s RIA Novosti, citing Iranian and Pakistani sources, suggested a new U.S.-Iran ceasefire agreement could be announced in the coming days, though the claims could not be independently verified.
In parallel, a senior Iranian official stated that Iran and Oman had agreed on a temporary shipping route through the strait during talks in Tehran. However, the official emphasized that full reopening of the strait would require the U.S. to meet commitments from a June framework deal that has since expired.
U.S. policy signals have also shifted, with Deutsche Bank analysts noting reports that Washington does not anticipate a renewed full-scale conflict with Iran. The New York Times reported that the U.S. is preparing to redeploy diplomats to the Middle East, while Secretary of State Marco Rubio reportedly told allies the White House opposes restarting strikes against Iran.
Treasury Secretary Scott Bessent outlined plans for a new sanctions package targeting Iranian "enablers," describing the effort as an "economic D-Day." The package includes 60 individuals, entities, and vessels, though the U.S. has so far refrained from imposing secondary sanctions on major buyers of Iranian oil, including China.
