Commercial oil tanker traffic through the Strait of Hormuz dropped to just five vessels on Tuesday, down sharply from an average of 15 tankers daily over the previous ten days, according to shipping data.
The decline coincides with ongoing diplomatic efforts to ease tensions between the U.S. and Iran, which flared after the conflict began in late February. The strait, a critical chokepoint for global energy supplies, previously handled roughly one-fifth of the world’s oil and liquefied natural gas exports before the war disrupted maritime flows and contributed to higher crude prices.
Brent crude futures fell below $90 per barrel on Wednesday, reflecting easing supply concerns amid the reduced tanker activity and reports of potential diplomatic progress.
Iranian and Pakistani media cited by RIA Novosti reported that the U.S. and Iran have agreed to a new ceasefire, with an official announcement expected in the coming days. Separately, an unnamed senior Iranian official told Al Jazeera that Tehran and Oman have finalized a temporary alternative shipping route through the strait. The official cautioned, however, that full reopening of the Strait of Hormuz remains contingent on U.S. compliance with terms of a previously expired framework agreement signed in June.
Deutsche Bank analysts noted that additional reports suggest the U.S. does not anticipate a large-scale military escalation with Iran. The New York Times also reported that Washington is preparing to redeploy diplomats to the Middle East, with Secretary of State Marco Rubio reportedly assuring U.S. allies that the White House has no intention of resuming airstrikes against Iran.
In parallel, U.S. Treasury Secretary Scott Bessent vowed to impose fresh sanctions on Iran during an economic "D-Day" aimed at disrupting Tehran’s oil trade networks. The measures target 60 individuals, entities, and vessels identified as facilitators of Iranian oil exports. The U.S. has so far refrained from imposing secondary sanctions on major buyers such as China, the largest importer of Iranian crude.
The combination of diplomatic outreach and targeted sanctions underscores a dual-track strategy by Washington to de-escalate regional tensions while curbing Iran’s oil revenue streams.
