Iran closes the Strait of Hormuz again as tanker traffic falls to single digits

Iran said the Strait of Hormuz has been closed again after shipping activity had already sharply contracted. Only 25 vessels transited on Thursday, while the number of tankers dropped to single digits on Friday. About 480 ships, including 220 oil tankers, are stranded in the Persian Gulf, with 120 fully loaded with crude and 100 empty. Mines in the central channel have left only a narrow near-shore route passable, while war-risk insurance has not been restored and restarting exports could take weeks to months.