Delhi: Shipping activity through the strategically critical Strait of Hormuz is showing early signs of recovery, although volumes remain well below pre-war levels, according to S&P Global Commodity Insights.Benjamin Tang, Director & Global Head of Liquid Bulk, Commodities at Sea, said there is cautious optimism around the gradual reopening of the key oil transit route.“We are cautiously optimistic about a Strait of Hormuz reopening. We have seen transits go up over the past week; we are now averaging roughly 30 transits per day compared to just 12 over the last few months. Of course, this is still a far cry from the 135 daily transits we witnessed before the war…” Tang told ANI.The Strait of Hormuz, a vital chokepoint for global energy supplies, has seen significant disruption in recent months due to geopolitical tensions, impacting oil flows and shipping patterns worldwide.Amid these challenges, Indian refiners have emerged as notably resilient, adapting swiftly to supply disruptions by diversifying sourcing strategies.“Meanwhile, Indian refiners have been performing remarkably well. They have been highly dynamic, successfully sourcing crude from various alternative markets. Russian, Brazilian, and West African crude grades, alongside US crude, for that matter, have been a key part of that successful portfolio diversification...” Tang added.While shipping activity is gradually picking up, a full return to normalcy in the Strait of Hormuz remains uncertain, with market participants closely monitoring geopolitical developments and their impact on global oil trade flows.More to come...