Hormuz traffic at standstill as Iran controls movement
LONDON/moscow, April 10 -- Ship traffic through the Strait of Hormuz stood at well below 10% of normal volumes on Thursday despite a US-Iran ceasefire as Tehran asserted its control by warning ships to keep to its territorial waters while doing so.
Hundreds of tankers and other ships have been stuck inside the Gulf since the Iran war began on February 28, cutting global oil supply by 20% in the world's biggest-ever supply disruption.
Prices for some physical oil grades hit fresh all-time highs on Thursday as the crisis showed little signs of abating.
US Vice President JD Vance said there were signs that Hormuz is starting to reopen but the boss of the UAE's largest oil producer said Thursday it remains effectively shut.
"Let's be clear: the...
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