Analysis: The operational uncertainty and protocol risks in the Strait of Hormuz have caused tension and anxiety in the oil market.

Neil Crosby of Sparta Commodities stated that Iran's declaration of "completely open" the Strait of Hormuz for commercial ships triggered a significant sell-off in oil prices. However, if the situation becomes clearer in the coming days, oil prices may rebound. Ship owners' confidence has not yet fully recovered, and the risk of the agreement collapsing still exists. Crosby said that at the same time, significant operational uncertainties remain as shipping may be arranged through a "coordinated" route, which may be similar to a slower, limited capacity, and with draught restrictions for large vessels toll route. Brent crude for June delivery fell by 13.1% to $86.39 per barrel, while May delivery of West Texas Intermediate futures dropped 14.3% to $81.18 per barrel.