Hormuz transit slows after Iran warns of retaliation for any new U.S. strikes; just seven commodity ships crossed Monday

Reports that shipping traffic through the Strait of Hormuz is slowing after Iranian threats of retaliation raise near-term geopolitical and supply-chain risk for energy and broader commodity flows. The strait is a critical chokepoint for crude and refined products; reduced vessel transits can tighten physical availability, elevate risk premia, and increase cross-asset volatility, with spillovers to inflation expectations and risk appetite.