The Strait of Hormuz has reopened to limited shipping traffic following a two-week ceasefire between the United States and Iran, but movement remains 95% below normal levels with approximately 800 vessels still stranded in the Persian Gulf.
Only eight commodity carriers per day have crossed the strategic waterway since the truce took effect, compared to normal peacetime traffic. The 34-kilometer-wide strait between Iran and Oman typically handles roughly 20% of global crude oil and liquefied natural gas shipments.
Oil prices dropped 15% to around $95 per barrel following the ceasefire announcement, while European gas futures fell 17% to €45 per megawatt-hour. However, both commodities remain significantly above pre-conflict levels of $60 for oil and €30 for gas.
We have been clear the longer the war goes on, the more significant the impact on the global economy will be, and the greater the human cost.
Anthony Albanese and Penny Wong — SBS News
The Iranian navy continues to require permission for ships to transit the strait, warning vessels via radio that unauthorized passage would face destruction. Of the 307 total crossings since March 1, 199 were oil and gas tankers, with 80% of cargo vessels linked to Iran.
Frames the story through a global supply chain lens, emphasizing economic disruption statistics and technical shipping details. India's perspective reflects concern about energy import security and regional stability affecting trade routes.