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Strait of Hormuz traffic stalls as US-Iran clash tightens oil supply

New York Times Business •
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Traffic through the Strait of Hormuz remained choked Saturday as U.S. and Iranian forces exchanged fire. Since April 13 the U.S. Navy has turned back 58 commercial ships and disabled four that ignored orders, Central Command said. Around 1,600 vessels sit idle in the Persian Gulf, squeezing a route that normally moves a fifth of global oil today.

Britain deployed a destroyer on Saturday, calling it a pre‑positioning move ahead of a planned multinational coalition with France to keep the passage open. QatarEnergy’s gas tanker attempted the first Qatari natural‑gas transit since hostilities began, though its status remained unconfirmed. Tracking firms reported six cargo ships since Wednesday but no tankers, underscoring the steep decline from the pre‑conflict average of 130 vessels daily in the region.

Energy markets reacted sharply, with Brent crude climbing over $2 per barrel as the bottleneck threatened supply. Investors watched the deadlock because any prolonged disruption could push oil‑related earnings lower for majors and raise freight rates. With both sides trading threats and no verification of recent attacks, the strait’s paralysis now directly pressures global commodity pricing this week.