Commodities
Hormuz Shipping Hits Record as US and Iran Negotiate Peace
The Strait of Hormuz has seen a significant increase in commercial vessel traffic despite the ongoing conflict between the US and Iran.
A total of 60 ships passed through the strait on Wednesday, carrying the highest daily volume of crude oil since early July. Of those vessels, about 40 coordinated with the US military for protection, while about 22 million barrels of oil exited the maritime chokepoint.
The increased traffic has become a key aspect of efforts to end the nearly seven-month conflict between the two nations. Iran is seeking relief from the US blockade that is choking its economy, while Washington is pressuring Tehran to halt interference with shipping through the global oil supply route.