Shipping through the Strait of Hormuz collapsed to near zero over the weekend as the 60-day U.S.-Iran ceasefire expires with no talks underway. Only five vessels crossed the strait Saturday and none on Sunday, down from 31 a week earlier, while Brent crude edged lower on Monday.
Traffic through Hormuz nears a standstill
Only five cargo ships passed through the Strait of Hormuz on Saturday, according to Kpler data cited by Reuters, and none crossed on Sunday. That compares with 31 vessels the previous weekend. The slowdown builds on a decline already visible last week, when a five-day average of 13 vessel transits on Tuesday marked the lowest level since May 12, a three-month low.
Traffic through the strait is now down 90% since the war began on February 28. The passage normally carries about a fifth of the world's crude oil, averaging roughly 130 vessel transits a day.
Ceasefire set to lapse without a deal
The pullback in shipping comes as the 60-day ceasefire between the U.S. and Iran is due to expire on Monday, with no official negotiations or agreement in sight. Iran's Foreign Minister Seyed Abbas Araghchi said the two sides do "not have anything like a ceasefire," according to quotes carried by Iranian news outlet Shahrara News on Saturday.
Iran's Foreign Ministry has separately said no diplomatic talks have started with the United States, citing Washington's alleged violation of a memorandum of understanding signed on June 17, 2026. Talks mediated through Oman have also stalled, which Iran's foreign ministry attributed to the complexity of the issues, the number of parties involved, and interference from countries seeking to undermine the process.
Oil prices edge lower
Brent crude futures slipped 0.15% to $88.45 a barrel on Monday, while U.S. West Texas Intermediate crude declined 0.74% to $81.79. U.S. President Donald Trump claimed last week that he would soon be declaring the Strait of Hormuz a territory of the United States. Iran's Deputy Foreign Minister Kazem Gharibabadi countered in a post on X that the strait will remain Iranian and only be closed or opened under Iran's command.
Sources: CNBC, Crypto Briefing (snippet-based), Crypto Briefing
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