Dozens of oil tankers have transited the Strait of Hormuz without incident following a reported US-Iran interim agreement, according to maritime tracking data. The development has prompted a stabilisation of maritime insurance rates in London, a key barometer of geopolitical risk in the region.
The UK Maritime Trade Operations office confirmed that at least 35 tankers passed through the strait in the past 48 hours, a return to pre-crisis volumes. The strait, a chokepoint for roughly one-fifth of the world's oil supply, had seen a marked reduction in traffic since April, when Iran detained several vessels in retaliation for US sanctions enforcement.
British insurers, who underwrite a significant portion of global marine hull and cargo policies, have responded by freezing planned premium increases. Lloyd's of London syndicates had been preparing to quadruple rates for Gulf transits as recently as last week. 'The immediate risk of escalation has diminished,' said a senior underwriter speaking on condition of anonymity. 'But insurers will remain cautious until a formal agreement is codified.'
The reported deal, brokered through Omani intermediaries, is understood to include a limited easing of US sanctions on Iranian oil exports in exchange for verifiable restrictions on Iran's nuclear enrichment programme. Neither Washington nor Tehran has confirmed the accord, but diplomatic sources indicate that technical talks are ongoing in Vienna.
The stabilisation is a relief for global energy markets, which had priced in a risk premium of $5-7 per barrel since the tanker seizures. Brent crude futures fell 2.3% in early trading on Monday. 'This removes a near-term supply disruption scenario,' said an analyst at the International Energy Agency. 'But the structural vulnerabilities remain. The strait is still a single point of failure for global energy security.'
UK Foreign Office officials have welcomed the apparent de-escalation but stressed that 'any agreement must be verifiable and reversible.' The Royal Navy has maintained its presence in the Gulf, with HMS Dauntless continuing to escort British-flagged vessels through the strait.
Maritime experts warn that insurance rates could spike again if the agreement unravels. 'We are not out of the woods,' said a risk consultant at Control Risks. 'The underlying distrust between the parties is deep. Any violation of the terms could trigger a faster and more severe response than before.'
For now, however, the tankers are moving. And in London's insurance market, a tentative calm has settled.
