Oil tankers have begun moving back into the Strait of Hormuz following its reopening under a ceasefire arrangement, signalling a cautious return of flows through one of the world’s most critical energy corridors after weeks of disruption.
At least eight crude carriers advanced toward the channel within hours of the announcement, with vessels that had been waiting near Dubai leading the initial movement, while others followed from nearby positions. The development marks the first real attempt to restore shipments since the route was effectively shut down, cutting off a significant portion of global oil supply.
Despite the movement, the reopening remains uncertain, as hundreds of vessels are still stranded and shipowners continue to adopt a wait-and-see approach. There are also concerns that access to the Strait could remain conditional, with the possibility of renewed restrictions if tensions escalate again.
The market reacted immediately, with crude prices dropping sharply as supply fears eased. As at the time of writing 09:35 AM (WAT), Brent crude fell 9.07% to $90.38 per barrel, while West Texas Intermediate (WTI) declined 11.45% to $83.85 per barrel, reflecting improved sentiment around near-term supply.
However, analysts say the situation is far from stable, as the backlog of stranded cargoes, damaged infrastructure, and reduced output across the Middle East will take time to resolve, leaving the oil market in a fragile position despite the initial signs of recovery.