business 🚢 Hormuz traffic drops as US-Iran talks stall 📉
Vessel traffic at the Strait of Hormuz has sharply declined, signaling the fading hopes of a US-Iran negotiation deal. On Monday, only six commodity vessels passed through the Strait, down from an average of 11 ships over the last 10 days. This slump marks the lowest traffic level in over two months due to escalating security concerns in the region. The area needs to recover to 80 to 100 ships daily to stabilize energy markets, according to Bank of America. The security situation remains tense with threats from Iran and Houthi groups.