Hormuz Shipping Grinds to Halt Amid US-Iran Tensions
The Strait of Hormuz has seen a significant decline in shipping traffic following attacks on tankers, while oil prices remain steady. According to Kpler data, only five commodity vessels crossed the strait on Saturday, compared to none on Sunday, down from 31 the previous weekend. Brent crude held near $89 a barrel on Monday after gaining over 6% last week.
The Trump administration is preparing economic sanctions against Iran, which could be announced as soon as this week. The measures are expected to hit Iran harder than ever before. Meanwhile, Lebanon witnessed one of its deadliest days of fighting since the June agreement, with Israel striking Iran-backed Hezbollah and killing a senior commander.
US envoys Jared Kushner and Nickolay Mladenov met Egyptian, Qatari, and Turkish mediators, as well as Hamas officials, in Cairo to push Donald Trump's Gaza peace plan. Iran's parliament has also approved the broad principles of a bill that could criminalise communication with US, Israeli, and other media outlets deemed hostile to the Islamic Republic.