IRAN – Following initial framework talks initiated by Oman, Iran’s Supreme National Security Council stated that reopening the Strait of Hormuz is contingent on the US lifting its naval port blockade. With daily vessel transits across the key maritime chokepoint being roughly 95% lower than pre-crisis levels, the deadlock continues to stymie primary Middle Eastern commerce routes. The impasse requires global refiners, energy charterers, and commercial fleets to continue long-haul rerouting around Africa, exacerbating supply chain disruptions and raising regional marine insurance and security costs.
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(Source: The Straits Time)
