Strait of Hormuz Shipping Grinds to a Halt Ahead of Ceasefire Expiry
· World · CNBC, Financial Times, Wall Street Journal
Shipping traffic through the Strait of Hormuz dropped to just five vessels on Saturday as a fragile 60-day ceasefire between the U.S. and Iran neared its expiration date. This figure marks a sharp decline from the 31 vessels that transited the critical waterway the previous weekend. Overall shipping has fallen by 90% since the conflict began on February 28, with the Strait typically handling about a fifth of the world's oil supply. Official negotiations have stalled, and Iran's Foreign Minister Seyed Abbas Araghchi stated that no direct talks are currently taking place between Tehran and Washington. Meanwhile, international benchmark Brent crude futures edged lower to $88.45 per barrel, while U.S. West Texas Intermediate crude declined to $81.79.
Why it matters
The shutdown of the Strait of Hormuz threatens global energy supplies and could trigger renewed volatility in international crude prices, directly impacting import costs for energy-dependent economies like India.
Read the original report — CNBC
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