Tanker owners and oil traders reacted cautiously after Iran declared the Strait of Hormuz open to all ships on Friday. The announcement, if verified, could release millions of barrels of crude oil and fuel currently trapped in the Persian Gulf, easing supply constraints that have tightened global energy markets.

Iran's statement comes amid heightened tensions in the region, where the narrow waterway handles about 20% of global oil shipments. The strait's closure or restriction has historically caused significant price spikes and supply disruptions. Tanker operators had been rerouting vessels and increasing insurance costs due to perceived risks in the area.

Market participants remain skeptical about the immediate implementation of Iran's declaration. The shipping industry typically requires concrete evidence of safe passage before resuming normal operations through strategic chokepoints. Until vessels can transit freely without incident, oil traders will likely maintain elevated risk premiums in their pricing models.