Buyers in India, including its biggest refiner Reliance, are also seeking crude from the region after months of disruption in supplies. (File Photo)It’s a win for oil tanker operators as traffic through the Strait of Hormuz and the larger Gulf region resumed this week, news agency Reuters reported quoting shipping data and sources.Traffic through the vital energy route has remained modest since Iran lifted its effective blockade last week as it agreed to a 60-day ceasefire with the US, sources stated. Official talks to end the US-Iran war, however, continue.The number of ships passing through the strait now is only a fraction of the daily average of 125 — that existed before the conflict began on February 28 this year. Moreover, about 100 tankers are still stuck inside the Gulf with cargoes onboard, Reuters reported quoting market estimates.Also Read | Strait of Hormuz reopens after US-Iran MoU, but world has lost 1.15 billion barrels: ReportShortage of vesselsThe situation has contributed to a shortage of available vessels even as Middle Eastern crude producers ramp up exports.Amid this shortage, the rates for hiring a tanker outside the Hormuz jumped to $190,500 a day from $106,500 a week ago, according to ship brokers, who added that similar surge was witnessed by those hired outside the Gulf region.Average daily earnings for Very Large Crude Carriers (VLCCs) also jumped to a record of nearly $470,000 a day for cargoes inside the Gulf that need to pass through the Hormuz — a rise by over $50,000 from a week ago, Reuters reported quoting estimates.“Tanker owners are preparing for an influx of Middle East crude cargoes in the coming weeks and are emboldened by the fact that spot TCEs (earnings) averaged above $100,000/day despite the loss of … cargo volume since the US-Iran hostilities commenced,” ship broker Clarksons stated in a note.Story continues below this adOpinion | India must not wait for the next Hormuz crisis“This indicates the (tanker) supply side remains exceptionally tight and a re-opening of Hormuz would tighten capacity further,” the note, accessed by Reuters, read.Middle East produces ramp up exportsMiddle Eastern producers, especially the Abu Dhabi National Oil Company, meanwhile, are offering crude in a flurry of tenders this June, urging buyers to load from inside the Gulf, which has led to a spur in demand for tankers.Buyers in India, including its biggest refiner Reliance, are also seeking crude from the region after months of disruption in supplies.However, even as oil tanker rates rise, war risk insurance costs have softened in the last five days to around 3 per cent of the value of a ship from around 5 per cent over a week ago, Reuters noted.Story continues below this adThis excludes discounts, insurance industry sources told the news agency, which means a reduction in hundreds of thousands of dollars in insurance costs for ships.Don't Miss | What’s in the 14-point agreement Trump, Pezeshkian signed to mark US-Iran truce?Oil prices fallOil prices dropped on Wednesday — trading near four-month lows — even as oil tankers stranded in the Gulf since the start of the Iran war are gearing up to move out of the Strait of Hormuz.Brent crude futures were down 0.96%, at $76.34 a barrel as of 12:12 IST, and US West Texas Intermediate slipped 0.89%, to $72.59 a barrel, according to oilprice.com.The Express Global Desk at indianexpress.com which delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. 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