Pakistani ships were allowed to pass through the strait of Hormuz for the fifth time this month, following a trend that has raised hopes among traders and economic officials.

The move comes as tensions between Iran and Pakistan remain low, with bilateral trade volumes expected to reach $12 billion by the end of the current fiscal year.

Tensions in the region had been high since May when the first Pakistani ship was allowed to pass through Hormuz after a 42-year hiatus.

Foreign Minister Shah Mehmood Qureshi called the recent gesture an “harbinger of peace” between Pakistan and Iran, while emphasizing that Iran’s cooperation is vital for regional stability.

The passage through Hormuz by Pakistani ships is seen as a significant concession from Iran to its key trade partner, amidst efforts to revive economic ties in the face of US sanctions on Iranian oil exports.