Crossings through the Strait of Hormuz remain limited even as the United States and Iran reach an agreement to extend the current ceasefire.
According to Reuters, citing sources familiar with the matter, the truce will be extended for another 60 days, and Iran will allow traffic through the strait to resume.
It was said that the agreement awaits the approval of US President Donald Trump.
Lars Jensen, head of consultancy Vespucci Maritime, said there would be no agreement until it was reached.
“The reason I frame it this way is because this is not the first time an impending deal has been announced in the last three months, and yet it never actually materialized,” Jensen said.
“In addition, if the press coverage proves to be true, the deal will not actually be a deal but rather a framework for negotiating a deal within the next 60 days,” Jensen said. “The positive indicator is that this will include Iran removing mines within the next 30 days and opening the Strait of Hormuz to transit goods.”
Jensen noted that Iran has repeatedly said the strait is currently open — despite a warning requiring coordination with the Persian Gulf Strait Authority (PGSA) — an entity the United States has placed on the Office of Foreign Assets Control (OFAC) sanctions list.
According to the Strait of Hormuz Tracker, a free, real-time dashboard tracking the ongoing crisis using AI-powered analysis of current Strait conditions, insurance markets and diplomatic developments using real-time web data and Automated Identification System (AIS) data for ship locations, four ships have transited the Strait in the past 24 hours.
background
Crossings through the Strait have essentially stopped since late February, when the United States and Israel attacked Iran.
The closure had a major impact on the crude oil and chemicals markets, through which about a third of global seaborne crude oil flows and up to 20% of the world’s total oil flows pass.
Crude oil prices fell 1% on Friday amid positive sentiment on a deal and are headed for the biggest decline since early April.
The closure had a smaller impact on container shipping, with less than 2% of global container capacity passing through the strait each year, but contributed to higher rates mostly due to higher bunker fuel prices.
Container ships and shipping container costs are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), which are shipped in pellets. Titanium dioxide (TiO2) is also shipped in containers.
They also transport liquid chemicals in isotonic tanks.
Source: By Adam Iannelli, ICIS, https://www.icis.com/explore/resources/news/2026/05/29/11212542/strait-of-hormuz-transits-remain-limited-as-us-iran-ceasefire-extened/
