Oil prices have remained largely unchanged following the announcement by United States President Donald Trump that the US will remove the blocked ships from the Strait of Hormuz.
Brent crude, the international benchmark, was essentially unchanged on Monday morning as traders saw little hope that Trump's plans would resolve the crisis.
Brent crude futures for July delivery stood at $108.11 as of 05:00 GMT, down 0.06 percent.
Trump said on Sunday that the US would "help free" ships stranded in the Persian Gulf starting Monday, but offered few details about how the operation, dubbed "Project Freedom," would work.
Senior Iranian officials have signaled that Tehran will not cooperate with Trump's plan, adding to uncertainty over the fragile ceasefire that has been in place between the parties since April 7.
On Monday, the UK military said it had received reports of a tanker being hit by "unknown projectiles" off the coast of the United Arab Emirates, hours after a cargo ship reported being attacked by several small vessels off the coast of Iran.
None of the crews involved in the incidents were injured, according to the United Kingdom Maritime Merchant Operations (UKMTO).
June Goh, a senior oil market analyst in Singapore, said Trump's plans appeared to be more geared toward rescuing stranded sailors than toward restoring maritime traffic in the strait.
"Normalizing the flow through the Strait of Hormuz will require more than Project Freedom offers, while resolving the huge gap in oil supply will take months," Goh said, according to Al Jazeera.
Goldman Sachs estimates that the closure of the waterway, which normally transports a fifth of the world's oil supplies, and attacks on energy infrastructure have reduced global daily production by 14.5 million barrels.
The price of Brent oil has risen by almost 50 percent since the start of the war, with analysts warning that prices are likely to remain high long after any peace deal is reached between Washington and Tehran, due to the huge energy burden being unloaded and the need to clear Iranian mines.
Only 20 ships passed through the strait on Wednesday, the last day for which figures were available, according to ship tracking data monitored by the maritime intelligence platform Windward.
The strait had an average of 129 transits each day before the US and Israel launched their war against Iran in late February, according to the United Nations Trade and Development agency (UNCTAD).
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