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Shipping traffic in the Strait of Hormuz slowed to a halt over the weekend as the U.S.-Iran ceasefire expires.

Shipping traffic through the Strait of Hormuz nearly stopped over the weekend as the 60-day ceasefire between the United States and Iran approaches its expiration on Monday. Data shows only five cargo ships passed through the critical oil passage on Saturday, with no ships registered to pass on Sunday, a significant decrease from 31 vessels the previous weekend. This passage carries approximately one-fifth of the world's oil, and overall shipping volume has dropped 90% since the conflict began on February 28. While President Trump claimed last week that he would soon declare the Strait a territory of the United States, Iran's Deputy Foreign Minister Kazem Gharibabadi insisted the waterway will remain Iranian and will only be opened or closed under Iranian command. Iran's Foreign Minister Seyed Abbas Araghchi noted that no formal negotiations have been held between the United States and Iran recently, despite messages being exchanged through Qatar and Pakistan. Oil prices saw a slight decline on Monday, with U.S. West Texas Intermediate crude falling 0.74% to $81.79 per barrel.

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