Strait of Hormuz has been reopened but ships are moving but not at the prewar pace. Conditions in the Strait of Hormuz have escalated or deteriorated quickly over the course of the war. While the outlook for shipping has improved since the US and Iran pledged to extend their ceasefire, “there is a degree of nervousness around the situation,” said Marcus Baker, the global head of marine, cargo and logistics at insurance brokerage and risk management company Marsh, AP reported.
"As far as the insurance position is concerned, there's a good deal of support for ship owners that are trying to move out" during this period, but the interim deal between Iran and the US does not include language for keeping the strait toll-free beyond the negotiating window, Baker said.
