Oil prices continue to drop as shipping through the Strait of Hormuz resumes, with Brent crude prices falling to the lowest level since February 27, the day before the war in Iran began.
The international benchmark dropped more than 3%, hovering below $74.50 a barrel at 8:20 a.m. West Texas Intermediate, the U.S. benchmark, saw a similar fall, standing close to $70 a barrel.
Prices have been falling steadily since the U.S. and Iran signed a memorandum of understanding to end the war and reopen the key waterway. The U.S. has also waived sanctions on Iranian oil sells, contributing to easing supply concerns.
The United Nations' maritime agency has also begun implementing a large-scale operation to evacuate more than 11,000 seafarers stranded aboard hundreds of vessels in and around the Strait of Hormuz.
According to the International Maritime Organization (IMO), the evacuation effort will involve close cooperation among Iran, Oman, other Gulf coastal states, the United States, and the global shipping industry. "We will begin the implementation of the evacuation plan for over 11,000 seafarers still stranded in the region," IMO Secretary-General Arsenio Dominguez said in a statement announcing the operation.
The agency said it had secured the necessary safety guarantees and verified conditions for safe navigation before proceeding.
At the height of the war, the IMO estimated that roughly 20,000 seafarers were trapped in the region as Iran imposed restrictions on vessel movements through the strait. The agency has documented dozens of attacks against international shipping since the conflict began, underscoring the risks facing civilian crews caught in the middle of geopolitical tensions.
The evacuation plan itself has been under discussion for months. Earlier this year, maritime officials warned that any effort to move ships would require extensive security guarantees because of ongoing military threats, including attacks on merchant vessels and the presence of naval mines in key shipping lanes.
Under the newly activated plan, ships will not depart simultaneously. Instead, vessels will be contacted individually and assigned specific transit windows to ensure a gradual and controlled evacuation process. Oman's defense ministry said the operation would proceed in phases to reduce the risk of collisions and other accidents in the crowded waterway.
Authorities have also modified navigation procedures. The traditional Traffic Separation Scheme, the internationally recognized routing system used in the strait since 1968, is currently considered unsafe because of lingering hazards. Instead, temporary northern and southern routes will be used to guide vessels out of the Gulf. Maritime experts continue to cite floating mines as one of the biggest threats to safe navigation.
