Shipping through the Strait of Hormuz nearly halted over the weekend ahead of the expiration of the 60-day ceasefire between the U.S. and Iran, with only five cargo ships passing on Saturday and none on Sunday compared to 31 vessels the previous weekend. Maritime traffic has dropped 90% since the war began on February 28, as this critical waterway carries about a fifth of the world’s oil with an average of about 130 vessel transits per day. Brent crude futures edged lower to $88.45 per barrel on Monday, while Iran’s Foreign Minister Seyed Abbas Araghchi stated the two sides do not have anything like a ceasefire.
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