Oil Prices Stabilize as Strait of Hormuz Traffic Resumes
Global oil prices have retreated to their pre-war levels as maritime traffic through the Strait of Hormuz begins to normalize. Following intense disruptions caused by the conflict, U.S. Energy Secretary Chris Wright noted that shipments have rebounded significantly, with at least 20 million barrels successfully transiting the vital waterway in the last 24 hours. Despite this logistical recovery, tensions persist; Iranâs Revolutionary Guards continue to assert control over the passage, recently rejecting UN-coordinated shipping routes and warning vessels to adhere strictly to Tehran-designated paths.
Meanwhile, diplomatic efforts are in full swing as U.S. Secretary of State Marco Rubio visits Gulf allies to alleviate concerns regarding a preliminary deal with Iran. While the administration pushes for an enduring peace that guarantees freedom of navigation, domestic friction is mounting. President Trump faces significant pushback from members of his own party, who are questioning the financial incentives and long-term viability of the peace framework. As the conflict continues to weigh on the administrationâs standing ahead of the upcoming elections, the deal remains under scrutiny for failing to address core issues like ballistic missile capabilities and the potential for future shipping tolls in the Gulf.