Iran Cease-Fire Fails to Restore Strait of Hormuz Ship
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- Ship traffic in the crucial Strait of Hormuz remains throttled, with only a handful of vessels crossing since the U.S.-Iran truce began, due to wariness from shipowners and insurers.
- Iran is demanding crypto fees for ships passing through Hormuz during the ceasefire, according to the Financial Times and CoinDesk, adding a new layer of complexity to transit.
- Oil prices plunged below $94 a barrel, on pace for their biggest drop since 2020, immediately following the U.S. and Iran cease-fire agreement, though BBC Business notes prices continue to fluctuate ahead of Trump's Iran deal deadline.
- Gas prices are not expected to quickly return to prewar levels, even if the Strait of Hormuz fully reopens, according to NYT Business.
Why it matters: Oil prices plunged below $94 a barrel, on pace for the biggest drop since 2020, after the U.S. and Iran agreed to a cease-fire.
