Two ships became the first to transit the Strait of Hormuz since the United States and Iran agreed an overnight ceasefire. The Greek-owned bulk carrier NJ Earth crossed at 10:44 AM CET, while the Liberia-flagged Daytona Beach transited earlier at 8:59 AM CET.
Iran's Foreign Minister Abbas Araghchi said ships would be permitted safe passage for a two-week period "via coordination with Iran's armed forces and with due consideration of technical limitations." The deal came hours before a deadline set by US President Donald Trump.
Over 800 ships remain stuck inside the Middle East Gulf according to Lloyd's List. Neil Roberts from Lloyd's Market Association noted that while the ceasefire helps shipping companies, full resumption of pre-war traffic remains unlikely soon.
Iran and Oman plan to charge vessels for transit, with fees around $2 million per ship being discussed. Since mid-March, the Islamic Revolutionary Guard Corps has operated the strait as a de facto tollbooth, collecting payments sometimes in Chinese yuan and cryptocurrency.
The strait handles around 20 million barrels of oil daily - roughly one-fifth of global oil consumption and more than a quarter of seaborne oil trade.