Hormuz tensions ease with Iran and Oman nearing deal
Projections indicate that the shipping activity through the Strait of Hormuz, through which approximately 130-140 ships pass daily before conflicts, is likely to remain low following the announcement of negotiations between Iran and Oman to manage transit through this vital passage. The details of the new arrangements have not yet been clarified, and shipping experts warn that additional fees could be imposed, potentially increasing trade costs and restricting freedom of navigation. Meanwhile, the price of Brent crude settled at $83.55 per barrel, with expectations of further price rises due to the uncertainty surrounding Iran's developments and their impact on global oil supplies.
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