US President: Oil Ships Commence Movement Out of Strait of Hormuz, Routes Safe

US President Donald Trump announced on Monday that oil-laden ships have begun moving out of the Strait of Hormuz. The US President affirmed that oil vessels are safely transiting through the southern route of the strait, noting the availability of alternative navigation paths. For his part, US Vice President J.D. Vance stated today that he expects the Strait of Hormuz to remain open long-term without imposing fees.

The preliminary agreement between the United States and Iran to reopen the Strait of Hormuz was met with caution by global shipping and energy trading companies. Questions remain regarding the possibility of safely resuming navigation after months of conflict. Despite the US President's announcement that the strait would reopen on Friday, shipowners and operators are still awaiting further details before resuming normal transit.

According to data from Kepler, approximately 600 vessels remain stranded within the Arabian Gulf, while hundreds of other ships are waiting outside the strait for entry once full navigation is restored. Security risks continue to be the primary obstacle to resuming movement, particularly amid concerns about naval mines and the potential imposition of new restrictions on transiting vessels, in addition to persistently high insurance costs.

The war between the United States and Israel on Iran, which commenced on February 28, led to the suspension of most navigation through the strait. This vital waterway accounts for approximately one-fifth of the world's oil and liquefied natural gas supplies, alongside other commodities such as aluminum and urea. Regarding oil prices, they recorded a decline to their lowest levels since March on Monday.