Strait of Hormuz Traffic Drops Near 3-Month Low Amid Tensions

Iran's authorities declared the Strait of Hormuz remains blocked, countering U.S. claims of control. Vessel transits averaged about 13 as of August 6, marking a nearly 90% drop from the pre-February average of 130 ships. This decline follows escalated tensions and demands from Iran for U.S. actions, including ending the naval blockade and sanctions relief. The situation may impact oil supply routes, highlighting potential risks for markets as negotiations between the U.S. and Iran intensify.