Gulf of Hormuz: Next Steps Post-Deal
After the signing of the memorandum of understanding between the United States and Iran, attention is turned to the Strait of Hormuz, which is preparing for a gradual reopening of navigation. This will lead to the resumption of oil and gas flows through the strait and will impact ships that had been prevented from passing due to the crisis. Data indicates a limited improvement in shipping activity, with four ships crossing over 48 hours, including an oil tanker carrying two million barrels. The International Agency expects the oil market to gradually recover from the impact of the strait's closure, amid decreasing global demand and forecasts of an oil surplus next year. Meanwhile, the Gulf continues to try to compensate for the losses by increasing production and storing oil.
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