Hormuz Strait Blocked: Ceasefire Limits Vessel Traffic

The Hormuz Strait remains effectively blocked on the second day of a ceasefire between the U.S. and Iran. Only one non-Iranian vessel has passed through since the ceasefire began, while daily ship traffic is capped at just 15. Before the blockade, around 135 vessels crossed the strait daily. Iran's new leader, Mojtaba Khamenei, asserts tight control over the strait, emphasizing that passage is restricted and conditional. In a recent statement, he indicated that this management of the strait is entering a "new phase." A Gabon-flagged oil tanker carrying 7,000 tons of oil from the UAE is the only foreign vessel reported to have crossed recently. Meanwhile, ships wishing to pass must negotiate transit fees with Iran, which must be paid in virtual assets or Chinese yuan. Notably, vessels from U.S. or Israeli-linked countries face higher fees. Here's the thing: this situation is crucial because the Hormuz Strait is a vital oil shipping route, and ongoing restrictions could impact global oil prices and supply chains.