Strait of Hormuz shipping traffic is effectively at a standstill despite Iran ceasefire
Oil prices rose again above $100 a barrel as initial optimism at the deal gave way to uncertainty about when passage through the Hormuz Strait might resume.Traffic through the Strait of Hormuz was at a virtual standstill Thursday, with only a handful of ships passing through the vital waterway since the announcement of the U.S.-Iran ceasefire..
Just five bulk carriers had transited the waterway in the first 24 hours of the deal, according to data from the ship-tracking website MarineTraffic and Kpler, a data and analytics firm, while S&P Global Market Intelligence said nine vessels had passed through across Wednesday and Thursday.
Iran has insisted that ships wanting to transit the strait must secure its permission and has suggested it retains the right to impose a fee for passage.
This language from Tehran contrasted with that of American officials, who at one point insisted the strait had reopened.
Frustrations are clear in the Gulf, whose economies are hugely dependent on the waterway and energy exports.
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Strait of Hormuz shipping traffic is effectively at a standstill despite Iran ceasefire
Oil prices rose again above $100 a barrel as initial optimism at the deal gave way to uncertainty about when passage through the Hormuz Strait might resume.
