Iran's negotiating team formally suspended indirect talks with the United States on June 1, conditioning any resumption on the complete withdrawal of Israeli forces from occupied Lebanese territory, a cessation of all attacks on Lebanon and Gaza, and an end to the U.S. naval blockade of Iranian waters. Iran simultaneously declared an intention to fully close the Strait of Hormuz and open a new front at the Bab el-Mandeb strait, placing two of the world's most critical maritime chokepoints under simultaneous threat. Daily vessel transits through Hormuz remain at just 2-6 ships, down from 95-138 pre-crisis, with over 1,550 merchant vessels and 22,500 seafarers stranded. Combined war risk insurance premiums on affected hulls have reached 3-8% of vessel value, with some stranded tankers quoted at 10%. JMIC has rated the entire Persian Gulf-Arabian Sea corridor as CRITICAL risk.
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