The Strait of Hormuz has officially reopened to navigation, allowing some vessels to transit the critical waterway for the first time since the disruption began.
However, the return to normal operations is far from immediate.
Reports indicate that while traffic has resumed, significant portions of shipping remain restricted, with many vessels still waiting for clearance or facing delays.
This partial reopening offers a glimmer of relief for global energy markets, but the underlying risk premium is unlikely to vanish quickly.
The waterway remains obstructed in parts, and the logistical bottleneck means that oil flows will not snap back to pre-crisis levels overnight.
Instead, traders should expect a gradual and uneven recovery in throughput over the coming months.