Shipping traffic through the Strait of Hormuz fell to historically low levels on Monday, with only one commodity vessel recorded passing through, the lowest daily volume since May 7. The strategic waterway normally handles around 20% of the world’s oil and liquefied natural gas shipments. The decline comes amid heightened tensions between the United States and Iran, marked by military confrontations and a U.S. naval blockade. Markets now price the likelihood of normalization by September 30 at just 5.5%, down from 10% a week earlier.
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