Hormuz Shipping Plummets as US-Iran Tensions Escalate

Oil prices edged up on Monday after only five ships made it through the Strait of Hormuz over the weekend, a significant decline from the previous weekend's 31 vessels. The waterway has seen shipping plummet by 90% compared to pre-war levels, averaging about 130 passages per day before hostilities began.

The latest data from intelligence firm Kpler, cited by Reuters, showed that all ships passing through the strait did so on Saturday, with no vessels recorded on Sunday. Brent oil, the international benchmark, gained 0.23% and stood at $88.73 per barrel at 8:25 a.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 0.21% to $81.64 per barrel.

Treasury Secretary Scott Bessent said last week that the U.S. will apply economic measures 'that have never been seen on Iran', including a blockade of its ports and economic isolation. Iranian Foreign Ministry spokesperson Esmail Baqaei dismissed the 60-day deadline for a nuclear deal, stating it was 'irrelevant' given renewed hostilities.