The regular flow of traffic through the Strait of Hormuz has resumed following the signing of a memorandum of understanding (MOU) between the U.S. and Iran last week. According to U.S. Energy Secretary Chris Wright, the transportation of crude oil, crucial to the global economy, is returning to pre-war levels.
“In the last 24 hours, 72 ships and 20 million barrels of oil have transited through the Strait of Hormuz — fully restoring pre-conflict flows,” Sec. Wright said in a post on X. “Thank you President Trump and the U.S. military!”
The strategically critical waterway, which facilitates the transportation of nearly one-fifth of the world’s oil, has been blockaded by Iran since the war began at the end of February. As the U.S. and Iran engaged in months of negotiation to bring an end to the conflict, global markets continued to react to the threat of a prolonged closure of the strait.
Wright’s statement was confirmed by data from Winward, a maritime intelligence company that monitors global shipping. According to Winward, passage of vessels through the Strait of Hormuz rose by 48 percent on Wednesday to 31 ships.
Daily traffic rebounded to levels that tripled the lowest points during the conflict, with an average of 35 to 40 ships passing through the strait daily. Kpler, another tracker of global shipping, said the flow of traffic over the weekend was at its highest levels since the war began, with 109 ships passing through the Strait of Hormuz between Saturday and Monday.
Last week, President Trump signed the MOU with Iran following the G-7 Summit in France. The agreement includes a provision for a 60-day halt to hostilities, allowing the two countries to further negotiate a resolution. Issues to be negotiated include the lifting of sanctions on Iran, safeguards on Iran’s nuclear program, and future control of the Strait of Hormuz.
After confirming that traffic was returning to normal levels, Sec. Wright also noted that restoring the status quo within the strait would take time. Iran employed the use of mines to obstruct the passage of ships through the state. Wright pointed out that mines will need to be cleared before shipping can return to normal levels.