US Official: Oil Flows Via Hormuz Witness Increase Amid Military Support

A US official announced a notable increase in commercial shipping traffic and oil flows through the Strait of Hormuz recently, backed by US military support. This improvement reflects a strong return to navigation since a temporary agreement between Washington and Tehran, after a period of flow paralysis during the conflict. In indirect talks in Qatar, the US is pressing to secure long-term freedom of commercial navigation in the Strait and to reject any future Iranian attempts to impose transit fees or maritime services. Sources stated that US and Iranian negotiators spent two days in Doha discussing maritime navigation in Hormuz and unfreezing Iranian assets. Despite the partial resumption of navigation, the two countries exchanged strikes days prior, following an Iranian attack on a cargo ship. As tanker traffic recovered, US Vice President J.D. Vance confirmed oil flow through the vital waterway returned to pre-conflict levels, without specific figures. In a memo, Haitong Futures noted the Strait's continued openness and crude oil flow intensify market share competition, pushing prices down amid rising expectations of a supply surplus. Further supply increases are expected after sources revealed yesterday, Wednesday, that OPEC+ nations will likely agree at their Sunday meeting to an additional rise in August production targets, by around 188,000 barrels per day. Qatar's Foreign Ministry stated the next meeting date would be set soon after Iranian Supreme Leader Ali Khamenei's funeral on July 9.