Hormuz transit hopes as tankers exit

Maritime traffic in the Strait of Hormuz has shown signs of recovery as several major tankers successfully navigated the strategic waterway.

Two Chinese supertankers and a South Korean-operated vessel have completed transits following coordination with Tehran, according to shipping data and government officials.

The developments have led to a slight decline in global oil prices as investors weigh the potential for a diplomatic resolution to the Iran conflict.

Despite the successful passages, Iran's Revolutionary Guard maintains a system of checkpoints and fees, asserting continued control over the crucial oil corridor.