Highlights
- Iran has said that ships which are not hostile to Iran will be allowed to pass through the Strait of Hormuz.
- The announcement comes as ship traffic in the strait has dropped sharply due to the ongoing conflict.
- Nearly one-fifth of the world’s oil and LNG normally passes through this strategic waterway.
- Global oil prices and Asian stock markets showed signs of relief after reports of possible peace talks.
Iran has announced that ships which are not considered enemies will be able to safely pass through the Strait of Hormuz, one of the world’s most important shipping routes. The statement comes at a time when vessel movement in the strait has almost stopped because of regional tensions and conflict.
Official Statement Sent to the United Nations
Iran’s mission to the United Nations said in a statement that ships which do not take part in or support aggression against Iran, and which follow declared security guidelines, will be allowed safe passage. The statement noted that ships must coordinate their movements with Iranian authorities while using the waterway.
Strait Handles a Major Share of Global Energy Supply
The Strait of Hormuz is a narrow sea route between Iran and Oman and is one of the most important chokepoints in global trade. Around 20 percent of the world’s oil and liquefied natural gas is usually transported through this strait, making any disruption there a major concern for global markets.
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Ship Traffic Has Dropped Sharply Since Conflict Began
Before the conflict, about 120 ships per day used to pass through the Strait of Hormuz. Now, the number has dropped to only a few vessels daily, showing how severely shipping has been affected. Iran had earlier warned that ships attempting to pass through the strait could face attacks, but its recent message suggests a softer stance for ships that are not seen as hostile.
Oil Prices and Markets React to Possible Peace Talks
At the same time, reports that the United States had proposed a plan to end the war created optimism in global markets. Oil prices dropped and Asian stock markets showed positive movement following the news. Japan’s Nikkei 225, South Korea’s Kospi, and Hong Kong’s Hang Seng indexes all rose as investors reacted to hopes of reduced tensions in the Middle East.
Situation Remains Uncertain Despite New Assurances
Although Iran has indicated that some ships will be allowed to pass safely, it has not provided detailed rules about how the passage will be regulated. This uncertainty continues to keep shipping companies and energy markets on alert.
Source: Channel 24
