Ship transits through the Strait of Hormuz have more than quadrupled since the US-Iran ceasefire took effect, with daily traceable journeys rising from one or two during the conflict to eight on July 1. This follows a week-to-week increase that saw total transits reach 258 compared to just 41 in the crisis's first week.

Hapag-Lloyd freed four previously stranded vessels while Maersk moved two ships through the strait last week. Most traffic consists of tankers carrying pre-war cargoes or Iranian oil exports. Iran exported 40 million barrels since sanctions were lifted, fetching a 20 percent premium over pre-war prices as shipowners weigh security risks against the cost of keeping vessels locked in port.

Insurance rates dropped to roughly 2 percent of vessel value from 7 percent during the ceasefire, while spot charter rates fell to $294,000 per day after peaking at $500,000. Brent crude prices returned to prewar levels, signaling market confidence. However, around 80 mines still block the main shipping lanes, forcing vessels to use alternate routes.

The Strait of Hormuz remains far below its typical 135 daily transits that carried a fifth of global oil and gas. Despite the uptick, uncertainty persists as US-Iran talks in Doha showed limited progress toward fully reopening the critical waterway.