Hormuz Traffic Grinds to a Halt Ahead of Ceasefire Expiration (CO1:COM:Commodity)
Only five cargo ships passed through Saturday and none on Sunday as U.S.-Iran talks stalled and no replacement deal was in sight, Reuters reported.
- Shipping through the Hormuz Strait slowed to a halt on Monday as a 60-day US-Iran ceasefire expired without a replacement deal, threatening the critical waterway that handles roughly 20% of the world's oil.
- Tensions escalated last week after President Donald Trump claimed 'pretty soon I'll be declaring the Hormuz Strait a territory of the United States,' prompting Deputy Foreign Minister Kazem Gharibabadi to insist the waterway will remain 'under Iran's command.'
- Only five cargo ships sailed through Saturday and none on Sunday, down from 31 the previous week, according to Reuters; Brent crude futures declined 0.15% to $88.45 per barrel while West Texas Intermediate crude fell 0.74% to $81.79 on Monday.
- Foreign Minister Seyed Abbas Araghchi stated there is 'not anything like a ceasefire,' noting no direct negotiations have occurred between the United States and Iran, though Qatar and Pakistan are relaying messages between the parties.
- Overall shipping is down 90% since February 28, with average daily transits falling from about 130 to near zero; a senior United States official described the peace talks as 'static' to Politico.
13 Articles
13 Articles
Hormuz Traffic Stalls With Peace Deal About to Expire
Oil tankers are staying put as a US-Iran ceasefire runs out of time. Shipping through the Strait of Hormuz, which handles roughly 20% of the world's oil, slowed sharply over the weekend ahead of Monday's expiration of a 60-day truce, with no replacement deal in sight, reports CNBC . Only five...
Hormuz Traffic Falls 90% Ahead Of US-Iran Ceasefire Deadline
Shipping through the Strait of Hormuz has nearly ground to a halt as a 60-day US-Iran ceasefire approaches its Monday expiry, with no formal negotiations underway. Only five cargo vessels crossed the strategic waterway Saturday, according to Kpler data cited by Reuters. No crossings were recorded Sunday, compared with 31 vessels the previous weekend. Overall traffic is down about 90% from pre-war levels.💡The Strait handles roughly one-fifth of …
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