Maritime traffic in the Strait of Hormuz plunged sharply over the weekend after four days of mutual attacks between Iran and the US. According to ship tracking firm Kpler's data, only 22 ships passed through the strait on Sunday, down from 38 on Saturday. Before the war, an average of 130-140 ships passed through the strait daily.
The fragile ceasefire broke on Thursday when Tehran reiterated its demand for permission from ships passing through the Strait of Hormuz and warned that alternate routes were "unacceptable and completely dangerous." The same day, Iranian forces attacked a container ship passing through Omani waters in the Gulf. The US retaliated with airstrikes on Iran.
On Saturday, Iran launched attacks on US bases in Bahrain and Kuwait. The US Central Command said none hit their targets, with no casualties or damage. Iran also struck a Panama-flagged tanker with a drone the same day.
On Monday, Iran and the US agreed to halt attacks and allow free passage of ships. US President Donald Trump said in a post on his Truth Social account, "Iran requested a meeting. The meeting will take place tomorrow in Doha!" Trump did not share details.
International crude benchmark Brent crude rose 0.92% to $72.78. The strait has been largely closed since the war began on February 28 by Iran's Revolutionary Guards. In peacetime, about one-fifth of the world's oil and liquefied natural gas passes through here.
On June 17, the US and Iran signed a memorandum of understanding to end the conflict, limit Tehran's nuclear program, and reopen the strait. Although Iran committed to "maximum effort for the safe passage of commercial vessels for 60 days," the deal has been repeatedly violated. Concerns over Iranian mines also deter shipowners. Takaya Soga, Chief Executive of Japan-based NYK Line, said that even if a peace deal is reached, traffic through the Strait of Hormuz would remain below half of pre-war levels for months.
Meanwhile, French President Emmanuel Macron and Oman's Sultan Haitham bin Tariq met in Paris. According to a statement from the French presidency, the leaders called for "free and unconditional" passage through the strategic waterway. Oman, acting as a mediator between Tehran and Washington, has been a key player in ending the conflict.
