Ammon News - First Vice President of the Amman Chamber of Commerce (ACC), Nabil Khatib, affirmed the "full" reopening of the Strait of Hormuz to all commercial vessels will impact the prices of goods, commodities, and oil.

Khatib said the strait's reopening to shipping will lead to "stabilizing" imported goods prices, as shipping costs will drop and gradually return to normalcy.

He added that some of the Kingdom's imports enter through the strait, particularly items related to mining and fertilizer industries, adding that this step will have a "positive" impact on the manufactured products.

Khatib said these developments will also contribute to revitalizing transit traffic through Jordanian territory towards Syria, Iraq, and the West Bank.

Additionally, he noted this progress will strengthen the Kingdom's role as a "regional logistics hub," given the improved transport and trade environment and reduced risks in the region.

Khatib stated that the decision to open the strait represents a "significant" development that will enhance stability of the global economy by securing freedom of navigation and removing threats that have affected global trade.

"Global markets have already begun to witness a key decline in oil prices, driven by a decrease in geopolitical risks and the return of smoother shipping and oil tanker traffic in the Arabian Gulf, which facilitates the flow of supplies to various countries worldwide," he pointed out.

As for other impacts, he said reduction in risks associated with regional tensions will "directly" impact marine insurance premiums, which had risen recently, which would slash shipping and trade costs and enhance market stability.

Petra