New Delhi, July 2 -- DUBAI - Three South Korean supertankers operated by Sinokor entered the Strait of Hormuz empty on June 30. Empty is significant. An empty supertanker is not delivering oil; it is testing whether it is safe to be in the water at all. By Tuesday, the total daily transit count through the world's most critical oil chokepoint had reached roughly 34 vessels - about one-third of the pre-conflict baseline of approximately 100 crossings per day. Brent crude, meanwhile, was trading at $71.12, down nearly 2.5 percent on the day as the war risk premium that spiked when the conflict began continued to dissipate. The diplomacy and the commerce are not moving at the same speed.

the water is open enough to enter. The 66 vessels tha...