According to Bloomberg, the daily volume of crude oil transported through the Strait of Hormuz has climbed to about 10 million barrels. Since the signing of a 60‑day memorandum, tanker traffic has increased noticeably, though the flow remains roughly 50 percent below pre‑war levels.

There is still uncertainty about what will happen to the strait once the agreement expires. Meanwhile, U.S. crude prices have fallen more than 40 percent from their recent highs.