Maritime traffic in the Strait of Hormuz saw a sharp decline over the weekend after four days of reciprocal attacks between Iran and the US. According to data from ship tracking firm Kpler, only 22 ships passed through the strait on Sunday, down from 38 on Saturday. Before the conflict, an average of 130-140 ships passed through the strait daily.
The fragile ceasefire broke on Thursday after Tehran reiterated that ships passing through the Strait of Hormuz must obtain permission and warned that other routes were "unacceptable and completely dangerous." That same day, Iranian forces attacked a container ship passing through Omani waters. The US retaliated with airstrikes on Iran.
On Saturday, Iran launched attacks on American bases in Bahrain and Kuwait. The US Central Command stated that none hit their targets and there were no casualties or damage. That same day, Iran also struck a Panamanian-flagged tanker with a drone.
On Monday, Iran and the US agreed to halt attacks and allow the free movement of ships. US President Donald Trump said in a post on his Truth Social account, "Iran requested a meeting. The meeting will take place tomorrow in Doha!" Trump did not share details.
The international crude oil benchmark Brent rose 0.92 percent to $72.78. The strait has been largely closed since the conflict began on February 28 by Iran's Revolutionary Guard. In peacetime, about one-fifth of the world's oil and liquefied natural gas passes through it.
On June 17, the US and Iran signed a memorandum of understanding to end the dispute, limit Tehran's nuclear program, and reopen the strait. Although Iran committed to "making utmost efforts for the safe passage of commercial vessels for 60 days," this agreement was repeatedly violated. Concerns over Iranian mines also deter shipowners. Takaya Soga, CEO of Japan-based NYK Line, said that even if a peace agreement is reached, traffic in the Strait of Hormuz will remain below half of pre-conflict levels for months.
Meanwhile, French President Emmanuel Macron and Omani Sultan Haitham bin Tariq met in Paris. According to a statement from the French presidency, the leaders called for "free and unconditional" passage through the strategic waterway. Oman, acting as a mediator between Tehran and Washington, has been a key actor in ending the conflict.