Stranded ships have begun transiting the Strait of Hormuz

Major shipowners have begun moving vessels through the Strait of Hormuz for the first time since the U.S. and Iran signed an interim agreement to end their war, maritime data company Lloyd’s List Intelligence said Thursday.

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In a media briefing, Richard Meade, editor in chief of Lloyd’s List, said for the first time in 110 days, ships owned by major companies were crossing the strait after effectively being marooned there since February.

The strait is a critical passageway for the world’s oil and natural gas. Before the war, the waterway off Iran’s coast carried a fifth of the world’s crude oil. Its closure during the war has created a historic energy crisis.