Traffic through the Strait of Hormuz is inching back to pre-war levels, as the administration announced more than 12.5 million barrels transited last night.

Oil futures traders appear to be the most confident they have been in months that the Strait of Hormuz could fully reopen in a matter of days.

Around 500 vessels, including 220 oil tankers, remain in the Persian Gulf near the entrance to the Strait of Hormuz awaiting safe passage

Oil flow through the Strait of Hormuz has surged to its highest point since late February. This follows a new US-Iran agreement entering a 60-day implementation phase. The US Navy…