The global economy is facing uncertainty as Iran has effectively closed the Strait of Hormuz amid ongoing conflict with Israel and the United States. This strait is crucial for the passage of approximately one-fifth of the world's oil and gas. While some ships have managed to navigate the strait, they have done so under Iran's conditions, reportedly paying tolls for safe passage. The situation remains tense as the world awaits the reopening of this vital waterway.

Ship traffic in the Strait of Hormuz has increased following an interim deal between Iran and the U.S. aimed at ending a conflict that impacted global oil supplies. However, uncertainties regarding control of the waterway and potential tolls for vessels may complicate negotiations, according to AP.

The United Nations has begun evacuating approximately 11,000 sailors who have been stranded in the Strait of Hormuz since the onset of the US-Israel war on Iran on February 28, which led to Tehran effectively closing off this crucial maritime route.

A Liberian oil tanker, the Stoic Warrior, successfully navigated the Strait of Hormuz on Thursday, despite threats to shipping from Iran's Revolutionary Guard. The tanker utilized a new route near Oman’s shore, which has been endorsed by a U.N. maritime agency. This incident occurs amid escalating tensions between Iran and other nations in the region.

According to Eastleigh Voice, a mass evacuation operation has begun for stranded seafarers in the Strait of Hormuz, where 14 seafarers have been killed due to attacks on shipping since the onset of the emergency in the Middle East. The situation has worsened following Israeli-US bombing of Iran that started on February 28, leading to significant disruption in the waterway.

Traffic through the Strait of Hormuz has improved significantly due to the establishment of new evacuation routes by the International Maritime Organization (IMO). Maritime tracking data indicates an increase in the number of commodity ship transits in the area.