India, Aug. 28 -- The Strait of Hormuz is showing early signs of movement after months of disruption, giving oil traders a reason to reassess the risk premium attached to crude. US forces say they have cleared Iranian sea mines from internationally recognised shipping lanes, while Iran has indicated that it could restore wider maritime traffic if Washington meets conditions that Tehran is preparing.

That combination has shifted the focus from whether ships can physically move through the strategic waterway to whether the US and Iran can reach an agreement that allows commercial traffic to return to something closer to normal. Recent diplomatic efforts by Qatar and discussions between Iran and Oman have added another layer to those hopes....