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 in the region has put immense pressure on the Memorandum of Understanding (MoU) between the U.S. and Iran, which aims to reduce the risk of maritime incidents in the area. The MoU has been strained by the recent attacks, highlighting the need for a more robust framework to ensure safe passage for oil tankers through the critical waterway.