A US–Iran memorandum of understanding prompts a cautious reopening of the Strait of Hormuz as a convoy of ten Japan-linked ships carrying about 12M barrels exits after months of delay.Western and British maritime authorities report steady movements along both the Omani and Iran-controlled routes but keep the threat level at substantial because of mines, harassment by Iranian forces and ships switching off transponders.Oil exports through Hormuz are recovering yet remain roughly 40% below prewar levels even as
Opec+ raises quotas and exporters reroute some LNG and crude via pipelines and Fujairah.