Shippers remain cautious on Hormuz strait transit after US and Iran agree deal

Shippers in Asia and Europe remain cautious about resuming transit through the Strait of Hormuz, as the U.S. and Iran agreed on a framework deal to reopen the waterway. A memorandum of understanding to end their conflict and lift the U.S. blockade of Iran is expected to be signed, though navigation will restart only when safety is confirmed. Global oil prices fell about 5% in response.