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Mullah Hirmuz Nears Halt with No Sunday Crossings
Maritime traffic through the Strait of Hormuz has declined unprecedentedly, with only 5 ships passing on Saturday and no ships recorded crossing on Sunday, compared to 31 ships in the previous week. This downturn results from ongoing military escalation and tensions between Iran and the United States, alongside continued attacks on vessels linked to the UAE-based Adnoc company, which Abu Dhabi has considered an act of hostility threatening global navigation freedom and energy supplies. Despite the decrease in ship movements, oil prices remained relatively stable, but the market continues to face geopolitical risk pressures, as investors watch for developments in the negotiations between the U.S. and Iran that influence oil supplies and energy prices. A prolonged halt in navigation through the strait could trigger a severe supply crisis and have negative repercussions on the global economy.
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