Glencore Backs $1.4B Bid for 40% Stake in Eurasian Resources Group

Maritime traffic through the Strait of Hormuz has almost completely stalled, with transit volumes falling to their lowest level since the critical waterway was effectively closed over the weekend. In a report released on March 6, the Joint Maritime Information Center (JMIC) said that a recent assessment of shipping signals in the strait indicates the number of transiting vessels has dropped to single digits, with only two confirmed commercial transits observed in the past 24 hours. According to the multinational maritime advisory organization focused on the Middle East, these transits involved cargo ships rather than oil tankers.

The Trump administration was weighing a range of options to address soaring oil and gasoline prices during the war with Iran. "All options are on the table," he said in an interview on Thursday, adding that the list included actions that could have an immediate impact, as well as longer-term, more complex choices.

Iran previously stated that, in accordance with relevant international laws and resolutions, during wartime the rules of the Strait of Hormuz would be controlled by Iran. The statement also said that military and commercial vessels belonging to the US, Israel, and European countries and their supporters are strictly prohibited from transiting these waters and, if discovered, will be struck.