Shipping through the Strait of Hormuz stalled over the weekend, with only 12 ships transiting Sunday versus 21 the prior day, and 5 of 8 inbound vessels going dark (AIS off), per Windward data. Iran's IRGC declared the waterway shut on Saturday citing Israeli strikes in southern Lebanon; the U.S. military countered that 'Iran does not control the Strait of Hormuz.' Lloyd's List separately reported 15 Iran-flagged VLCCs and Suezmaxes sailed outbound from the Gulf of Oman with AIS active. U.S. Vice President JD Vance led the U.S. delegation to Bürgenstock, Switzerland for talks on a final 60-day peace framework; both sides reported 'constructive but tense' progress and established a Lebanon deconfliction mechanism. Iran secured waivers for oil exports, the lifting of port blockades, and partial frozen asset release. The MOU included free Hormuz transit for 60 days and an end to all hostilities.
Summary
Read original article →