
Iran signaled it may cap daily Strait of Hormuz transits as 441 vessels clustered nearby; shipping began resuming on June 24 with hotline, demining and MOU steps under discussion.
Satellite and shipping data showed 441 large vessels gathered near Sohar and Fujairah as traffic through the Strait of Hormuz nearly stalled, with Allianz Commercial estimating about $125 billion of ships and cargo stranded in the Persian Gulf during the disruption. Before the reopening, Fars News cited a military source on June 23 as saying Iran might limit the number of vessels allowed through the strait each day, with the quota adjusted to conditions. Navigation began resuming on June 24 after reported mining and disruption around the route. Qatar Prime Minister and Foreign Minister Mohammed said a U.S.-Iran hotline, demining and a memorandum of understanding could help restore shipping, with tanker traffic potentially returning to pre-conflict levels about 30 days after the MOU takes effect. He also said Qatar's LNG output could largely normalize in the coming weeks, while analysts said the pace and effectiveness of oil-well restarts in Iran, Saudi Arabia, the UAE and Iraq remained uncertain.