Cargo transit through Hormuz plunges near total halt

Shafaq News- Hormuz

Shipping traffic through the Strait of Hormuz has slowed sharply, with only five cargo vessels crossing the strategic waterway on Sunday and none recorded the previous day, ship-tracking firm Kpler reported.

The number of vessels carrying essential commodities through the maritime gateway fell from 31 at the start of last week, a slowdown Kpler attributed to the targeting of several oil tankers in the area and stalled US-Iran talks to resolve the conflict in the Middle East.

Hormuz, through which roughly 20% of the world's oil passes, has remained largely closed under Iranian restrictions since Feb. 28, following the start of the US-Israeli war, disrupting regional energy flows. The corridor briefly reopened after a US-Iran memorandum of understanding (MoU) entered into force on June 18, but closed again amid renewed military escalation, with Tehran maintaining that the waterway remains under Iranian control.

Iran and Oman agreed last week on a navigation map for ships, setting out clearer routes for maritime traffic through the waterway. Iranian Foreign Minister Abbas Araghchi, however, drew a distinction between agreeing on navigation routes and reopening the Strait, maintaining that the resumption of navigation would depend on Tehran's conditions being met.

Read more: Hormuz shipping plunges with no oil cargoes crossing