2 weeks ago

Hormuz traffic nears standstill as US vows indefinite Iran blockade

Hormuz traffic nears standstill as US vows indefinite Iran blockade
Hormuz traffic slows further after US threatens more economic pressure on Iran · theprint.in

The Strait of Hormuz is a very important waterway in the Persian Gulf where big ships carry oil to the world.

Lately, some ships passing through were attacked, and the United States placed a blockade that stops Iranian ships from trading.

Because of the danger, almost no ships are going through the strait now.

The United States says it can keep the blockade going forever by sending different Navy ships to take turns.

Iran says it will keep the waterway closed until the United States removes sanctions and gives back its money.

The United Arab Emirates says Iran attacked two of its oil company's ships, but Iran has not said anything about that.

Oil prices have gone up a little, with Brent crude at about $87 per barrel.

Iran and America have been talking, but the talks have not made any progress.

The country of Oman is also involved because the United States wants Iran and Oman to make a deal to reopen the strait.

Many experts worry that if ships keep staying away, it could hurt the world's economy.

Key facts

Brent crude price
About $87 per barrel
WTI crude price
About $81 per barrel
Vessels crossing Thursday
9, up from 5 on Wednesday
August daily crossing average
12
Pre-war daily crossings
More than 130
Friday traffic
A grain ship and an empty dry bulk ship crossed; an empty LPG tanker sailed in; no crude shipments visible
Ships attacked Thursday
Two Abu Dhabi National Oil Company vessels; UAE blamed Iran
Blockade status
Lifted for a month in mid-June, since reimposed by the U.S.

Quotes

Scott Bessent

U.S. Treasury Secretary

“"Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation on a country"”
telegraphindia.com theprint.in theprint.in
“"Indefinitely the United States Navy can maintain a blockade like that because we’ll rotate ships in and out, as we have, and we’ll continue to"”
telegraphindia.com theprint.in theprint.in

Torbjorn Solvedt

Principal Middle East analyst, Verisk Maplecroft

“Alongside the threat to energy infrastructure in the region, Iran’s ability to restrict shipping through the strait is its main source of leverage in negotiations.”
theprint.in

Sources

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