Vessels that had started to make their way towards the Strait of Hormuz to exit the Gulf after Iran declared the waterway open have either stopped or turned back, according to ship tracking data cited by FT

The halt or reversal of vessels towards the Strait of Hormuz following Iran's declaration is significant as it raises concerns over potential geopolitical tensions. This situation could influence oil prices, particularly WTI, as disruptions in this critical shipping route could lead to supply challenges or heightened risk premiums in energy markets.