Hormuz Strait Oil Traffic Low After Ceasefire; Hassett Calls Single Tanker a Major Boost

The Strait of Hormuz, a critical global oil chokepoint responsible for transporting an estimated 20% of the world's oil, is experiencing severely restricted traffic following geopolitical tensions. Despite a fragile ceasefire between the U.S. and Iran, the number of vessels passing through the strait has dropped drastically, with analysts reporting only a handful of tankers since the truce was announced. This blockage has caused significant volatility, sending global oil prices soaring above $100 per barrel. Economic experts, including Kevin Hassett, stressed that the passage of even a single large oil tanker represents a substantial boost to the global supply, emphasizing the profound strategic importance of the waterway to world energy security.