Traffic through the Strait of Hormuz has more than quadrupled in the past week as confidence rose that the US-Iran 60-day ceasefire would hold, though analysts warned the backlog could take weeks to clear.
More than 8,000 sailors who are not from the Gulf region still remain trapped in the strait, Bloomberg reported, with one telling CBC they feel they are being treated âlike pawns.â
Though still somewhat shaky, shipping confidence in transiting the vital strait is rising rapidly, leading forecasters to warn of an impending oil glut; Citi predicts prices could fall to as low as $60 a barrel by the end of the year. âFundamentals are rapidly reasserting themselves,â an analyst at the bank said.