Dubai: Chinese shipping giant Cosco, one of the world's largest oil tanker operators, has resumed accepting new bookings for general cargo container shipments to Gulf countries on Wednesday.

According to Anadolu Agency, in a company statement, Cosco announced that new reservations can now be made for general cargo container transport from Far East countries to the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. The company, however, warned that new bookings and shipments remain subject to change due to the unstable situation in the Middle East.

Although the statement did not mention any resumption of fuel trade or tanker bookings, analysts suggest that the move could indicate a partial arrangement with Iran to allow safer passage through the Strait of Hormuz. Earlier this month, Cosco had suspended cargo services to and from several Gulf countries, attributing the decision to escalating tensions in the region.

The Strait of Hormuz, a vital corridor for global goods and energy trade, has seen significant disruption due to rising tensions in the Gulf following US and Israeli attacks on Iran and Tehran's subsequent retaliation. This strategic waterway connects Saudi Arabia, the UAE, Kuwait, Qatar, Iraq, and Iran to global markets and facilitates approximately 25% of global oil trade, about 20% of liquefied natural gas trade, and nearly 30% of fertilizer trade.

Around 45% of China's oil imports and 20% of its LNG imports arrive via the Gulf and the Strait of Hormuz. Recent disruptions to tanker traffic in the strait have already led to global oil supply interruptions and have driven prices higher.