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Shipping traffic in Strait of Hormuz hits new low ahead of U.S.-Iran deadline
The ceasefire is set to expire Monday, and with no deal in sight, traffic in the Strait has fallen to a new low, raising concerns for oil supply flow.
Shipping traffic through the Strait of Hormuz has dropped to a new low as a U.S.-Iran ceasefire approaches its Monday expiry, according to CNBC Markets.
CNBC World reports that with no deal in sight, the slowdown reflects uncertainty around whether tensions will ease after the ceasefire ends.
Given Hormuz as a key chokepoint for global energy shipments, the decline in traffic underscores the risk of further disruption to seaborne crude and related flows if negotiations fail to produce an agreement.
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