Data from Kpler, an analytics firm, shows that eight commercial vessels had crossed the Strait of Hormuz as of 18:00 GMT (11pm PKT) compared with five vessels the previous day, Al Jazeera reports.

Kpler said that “markets have responded with cautious optimism” to the announced reopening of the strait by both the US and Iran, but warned that underlying supply dynamics remain tight, and a “full normalidation in trade and confidence is likely to take months, not weeks”.