Shipping volumes in the Strait of Hormuz climbed from recent lows as the strait reopens, though daily crossings remain well short of pre-war levels and follow Iranian directives.
Iranian forces rejected an alternative transit path announced without their involvement. The Islamic Revolutionary Guard Corps declared that only routes it designates hold authorization, and it warned vessels to maintain contact with its navy. [E1]
This stance converts the gradual return of traffic into a demonstration of control rather than a return to open passage.
Tehran suspended planned transit fees for a 60-day period while negotiations continue. [E2]
Its chief negotiator indicated that the strait will not revert to its previous operating model, which points to the introduction of charges once the current window closes.
Brent crude settled at $72.24 per barrel on Thursday, the lowest price since before the Iran-related conflict erupted, though the benchmark stays above its pre-war level near $66. The war premium continues to erode as physical flows improve.
Roughly 70 vessels transited the strait on Wednesday compared with a normal pre-war range of 120 to 140 per day. The partial rebound therefore unfolds on administered terms that preserve Iranian leverage over this critical oil artery. [E3]