Mullah Hormuz nearing closure with no ships on Sunday
Commercial shipping traffic through the Strait of Hormuz has decreased to an unprecedented level, with only five ships passing through during the weekend alone on Saturday, and ships completely changing course on Sunday. This is a sharp decline from 31 ships recorded in the previous week, reflecting escalating tensions between Iran and the United States and their impact on global oil and energy supplies. Concurrently, there were attacks on ships linked to the UAE’s Adnoc company in the area. The UAE condemned Iran and warned of increasing risks to freedom of navigation and energy markets. As a result, oil prices have risen modestly, with expectations that the negative impact on oil supplies and shipping costs will continue amid stalled negotiations between Washington and Tehran and ongoing threats of escalation in the region.
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