UN Evacuation Corridor Opens in Strait of Hormuz; 72 Ships Exit in 24 Hours

In a development that signals a potential easing of one of the world's most critical maritime chokepoints, the International Maritime Organization (IMO) announced that ships have begun transiting the Strait of Hormuz under a new UN-led evacuation framework. US Energy Secretary Wright stated that roughly 72 ships have exited the strait in the last 24 hours, according to media reports. LSEG ship-tracking data showed at least two dry bulk carriers and one cargo vessel crossed within 12 hours.

The move follows a period of heightened tensions and a blockade in the strait, through which about 20% of global oil supplies transit. IMO Secretary-General Arsenio Dominguez confirmed the operation will be carried out in cooperation with Iran, Oman, coastal states, and the US. Reuters reported that at least 35 other commercial vessels are preparing to transit, primarily dry bulk, cargo, and container ships, suggesting a gradual normalization of traffic.

Traders are closely monitoring the situation, as a sustained reopening of the corridor could ease pressure on oil and shipping prices. However, elevated tanker rates still point to lingering market tightness, keeping the near-term outlook bullish for energy and shipping sectors.