Iran allows safe passage for non-hostile ships through the Strait of Hormuz, while US President Donald Trump claims talks are progressing to resolve the war.
Iran's mission to the United Nations stated on Tuesday that non-hostile ships can pass safely through the Strait of Hormuz, provided they do not participate in or support acts of aggression against Iran and comply with safety regulations.
This announcement comes amid a significant drop in maritime traffic through the strait, a key waterway for about one-fifth of global oil and liquified natural gas supplies, following the US and Israel's war on Iran that began on February 28.
Impact on Shipping and Coordination
Ships transiting the strait must coordinate with Iranian authorities, as outlined in Iran's statement shared with the International Maritime Organization, the UN body overseeing international shipping safety.
Maritime intelligence data shows only five vessels passed through on Monday, compared to an average of 120 daily before the conflict, highlighting the waterway's near closure to what Iran deems as enemies.
US President Donald Trump said negotiations are underway to end the US-Israel war on Iran, despite Tehran's earlier denials, amid reports of a potential 15-point plan from the Trump administration.
The disruption has caused a surge in energy prices, with Brent crude oil falling more than 9 percent on Wednesday after the reports, though analysts predict prices could reach $150 or $200 per barrel if the strait remains effectively closed.
Asian stock markets reacted positively, with Japan's Nikkei 225 up 2.3 percent, South Korea's KOSPI up 2.6 percent, and Hong Kong's Hang Seng Index up 0.7 percent, amid hopes for conflict resolution.
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