Strait Of Hormuz Opens, See What's Happening To Oil Prices: A Closer Look At Data

Oil prices slipped back to pre-war levels on Thursday as shipments through the Strait of Hormuz neared normal volumes, while the United States moved to reassure Gulf allies that its preliminary agreement with Iran would not compromise regional security or allow Tehran to impose charges on vessels using the vital waterway.

US Energy Secretary Chris Wright said at least 20 million barrels of oil had exited the Strait of Hormuz in the previous 24 hours, with traffic approaching levels seen before the US and Israel launched strikes on Iran on February 28.

The rebound in shipping helped ease concerns over global energy supplies after Iran effectively took control of the strategic chokepoint during the conflict, disrupting oil flows and unsettling international

markets.

Iran Warns Ships Over Hormuz Routes

Despite the recovery in traffic, Iran signalled that it would continue to assert control over shipping movements through the strait.

Iran’s Revolutionary Guards warned vessels to follow routes designated by Tehran, rejecting newly announced shipping lanes that were not coordinated with Iran as “unacceptable and dangerous”.

The warning came after Oman announced temporary shipping lanes through the Strait of Hormuz in coordination with the International Maritime Organization.

UN shipping data showed that 57 vessels carrying around 1,100 seafarers had transited the waterway since June 23 under an evacuation plan.

Rubio Rules Out Toll Demand

US Secretary of State Marco Rubio used a visit to Bahrain, home to the US Navy’s Fifth Fleet, to assure Gulf Arab states that Washington would not accept Iranian tolls on ships using the Strait of Hormuz.

“No country on Earth has the right to charge for the use of international waterways. And that will never be an acceptable condition of any deal,” Rubio told Gulf foreign ministers.

Before the conflict, the Strait of Hormuz handled around one-fifth of global oil and liquefied natural gas flows. Iran has suggested it could seek to impose environmental, navigation or security-related charges after the current 60-day arrangement ends, an idea opposed by Washington and Gulf governments.

Trump Faces Pressure At Home

The diplomatic push comes as President Donald Trump faces growing criticism from within his own Republican Party over the Iran war and the framework agreement signed last week.

Trump reportedly clashed with Republican Senator Bill Cassidy during a closed-door meeting on Wednesday, as lawmakers sought more clarity on the agreement’s financial incentives for Iran and its broader security terms.

Cassidy said the administration needed to explain how the deal was progressing, adding that it did not appear to be unfolding as lawmakers had initially been told.

Senate Republicans, however, blocked a resolution seeking to end US hostilities with Iran in a 50-47 vote late on Wednesday.

Questions Over Iran Deal Remain

The preliminary agreement has triggered scepticism among US allies in the Middle East, many of whom fear that easing sanctions and creating a proposed USD 300 billion reconstruction fund could allow Iran to rebuild its military capabilities.

The deal does not resolve several key disputes, including Iran’s ballistic missile programme, nuclear inspections, future control of shipping through the Strait of Hormuz and Israel’s parallel conflict with Hezbollah in Lebanon.

The agreement provides for 60 days of negotiations on these issues, while Iran is required to allow the free movement of ships through the Strait of Hormuz during that period.

Israel-Lebanon Talks Continue

Separately, Israeli and Lebanese officials held discussions in Washington on a US-backed proposal for Israeli forces to withdraw from parts of southern Lebanon.

Senior officials from both countries denied that any Israeli withdrawal had taken place after a US official said Israel had pulled back some troops as a goodwill gesture.

Israel has been fighting Hezbollah in Lebanon since the group attacked Israel in support of Iran earlier this year. Tehran has made an end to the Lebanon conflict a key demand in any lasting agreement with Washington.