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Shipping traffic through the Strait of Hormuz began to rebound Monday following weekend tit-for-tat strikes between the U.S. and Iran.
Reports from the maritime tracking firm Kpler said 40 vessels passed through the critical waterway on Monday, while 24 ships transited the strait on Sunday in addition to 39 ships on Saturday.
Energy markets have responded in tandem with stabilized prices.
West Texas Intermediate (WTI) crude trading sits at around $70-$71 per barrel and Brent Crude rests at $73-$75.
Closure of the strait, a key waterway transporting roughly a fifth of the global oil supply, has been a major hiccup during the more than four-month-long conflict in the Middle East. Iran’s threats to down commercial vessels transiting the channel, the regime’s implementation of pricy tolls to ensure safe travel and the now-lifted U.S. naval blockade added to the struggle.
Despite the latest round of strikes — launched after Iran struck a Qatar-operated crude oil tanker on Saturday, a Singapore-flagged cargo vessel last week and targeted U.S. bases in Gulf states on Sunday — both countries agreed to “stand down” for the time being and allow safe passage through the Strait of Hormuz.
The U.S. and Iran were already under a shaky 60-day ceasefire reached on June 17, when President Trump signed a 14-point memorandum of understanding with Tehran seeking to bring an end to the conflict and open up talks on the regime’s nuclear program.
The stalled period of fighting commences as Vice President Vance, Middle East envoy Steve Witkoff and Trump’s son-in-law Jared Kushner lead negotiations with counterparts in the Middle East.
The talks scheduled for Tuesday are technical and not direct, regarding low-stakes details of a longer-term deal between the U.S. and Iran. Witkoff and Kushner won’t meet with Iran directly but will speak with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.
Qatar, Pakistan and Egypt are serving as mediators.
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