A convoy of liquefied petroleum gas and oil product tankers transited the Strait of Hormuz on Saturday. This movement marks the first commercial passage since Iran announced the waterway's reopening.
Crude prices dropped more than 10% on Friday following the initial reopening announcement. However, maritime tracking data from April 18 shows that overall traffic remains below 10% of normal volumes.
International maritime organizations are currently seeking clarification on transit safety and unclear risks. Iran restricted passage to a specific corridor while the U.S. naval blockade on Iranian ports remains in effect.