Oil shipping dips as Iran-Oman talks near
Marine traffic through the Strait of Hormuz declined from 50 to 33 ships over the past week, amidst anticipation of talks between Iran and Oman regarding the reopening of this vital waterway. Only four ships crossed yesterday, including a massive oil tanker carrying nearly two million barrels of Basra crude. Meanwhile, many companies remain cautious and prefer not to enter the strait due to US sanctions. Expectations are growing that an agreement between Iran and Oman to reopen the strait could be reached, despite the challenges related to approvals and insurance issues.
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