Oil tanker traffic through the Strait of Hormuz was at a near standstill on Thursday, according to data and sources, as shipping risks escalated after the U.S. renewed airstrikes on Iran, triggering retaliation by Tehran in the Gulf.
The escalation of tensions has put a strain on the Memorandum of Understanding (MoU) aimed at ensuring safe passage through the strategic waterway, which connects the Middle East to global markets. The MoU, signed by the International Maritime Organization (IMO) and regional authorities, has been in place since 2016 to mitigate risks and ensure the free flow of oil and other commodities.