Maritime data company says stranded ships have begun transiting the Strait of Hormuz

Major shipowners have resumed moving vessels through the Strait of Hormuz following a temporary agreement between the U.S. and Iran to end their conflict, according to Lloyd’s List Intelligence. This marks the first time in 110 days that ships owned by major companies have crossed the strait, a crucial route for global oil and natural gas transport. The strait’s closure during the conflict led to a significant energy crisis. While the main central route remains closed due to mines, ships are using alternative northern and southern routes. The reopening process could take weeks or months, and the alternative routes have less capacity. Lloyd’s List estimates that 550 merchant ships, including tankers and carriers, need to exit the Persian Gulf. QUESTION: How might the reopening of the Strait of Hormuz impact global energy prices and availability?