Shipping traffic through the Strait of Hormuz began to rebound Monday following weekend tit-for-tat strikes between the US and Iran while an industry expert said the gradual increase in transit resulted in a noticeable easing in the spot market.

Tanker traffic through the Strait of Hormuz has declined as shipowners reassess security risks following renewed Iranian attacks on commercial vessels and U.S. retaliatory strikes.

Strait of Hormuz traffic slows after vessel strike as Iran and Oman hold talks on future management, fees and US opposition to new transit charges.