Oil prices fell to pre-war levels on Thursday as the United States said flows through the Strait of Hormuz were nearing normal, even as Iran insisted it would keep control of the strait under any deal with the US.

US Energy Secretary Chris Wright said shipments through the strait were approaching levels seen before the US and Israel launched strikes on Iran on February 28, with at least 20 million barrels exiting the strait in the previous 24 hours.

During the conflict, Iran took effective control of the vital chokepoint, disrupting oil flows and rattling global energy markets and the wider economy.

Despite the recovery in traffic, Iran signaled it would continue to assert control. Its Revolutionary Guards on Thursday warned vessels to stick to routes through the strait designated by Tehran, rejecting newly announced shipping routes not coordinated with Iran as unacceptable and dangerous.

The warning came after Oman announced temporary shipping lanes through the strait in coordination with the United Nations’ shipping agency.

Data from the UN’s International Maritime Organization showed that 57 ships carrying about 1,100 seafarers have transited the strait since June 23 under the evacuation plan.

US Secretary of State Marco Rubio sought to reassure Gulf allies wary of Washington’s preliminary accord with Tehran.

After meeting with Gulf Arab foreign ministers in Bahrain — home to the US Navy’s Fifth Fleet — he told reporters that Gulf allies shared some serious concerns and that they wanted to be informed of every step of the peace accord, which includes provisions on the Strait of Hormuz.

If Iran threatens or blocks ships in the strait, “then we’re going to have a problem,” Rubio said, having earlier told ministers that “no country on Earth has the right to charge for the use of international waterways” and that fees for shipping would never be part of any deal.

Badr bin Hamad Al Busaid, the foreign minister of Oman, which lies across the strait from Iran, told the meeting that future shipping arrangements should not involve tolls.

Oil tankers use new route through Strait of Hormuz despite Iranian threats

Several tankers made their way out of the Strait of Hormuz on Thursday using a new route promoted by a UN maritime agency. Iran has threatened vessels using the path, which runs along the coast of Oman.

The opening of an alternative passage through the vital waterway would relieve pressure on the world economy and remove Iran’s main source of leverage in ongoing peace talks with the United States. Rubio, during his visit to the Gulf, said Washington was committed to the new........

© The Times of Israel