The Strait of Hormuz's southern route remained open to shipping on Sunday, according to a maritime group, despite Iran declaring the waterway closed as tit-for-tat attacks between the US and Iran escalated.
The development is a significant relief for global oil markets, which have been on edge due to the escalating tensions in the region. The Strait of Hormuz is a critical chokepoint for global oil trade, with around 20% of the world's oil passing through it. The vessels that traverse the strait have been navigating through the southern route, which is considered safer than the northern route.