The Strait of Hormuz — a critical maritime corridor between Iran and Oman — handles about 20% of global oil and key commodities, making any restriction a major concern for global markets. Conditional passage raises concerns Iranian officials said ships must coordinate with its military before transiting the waterway. However, Sultan Al Jaber, CEO of Abu Dhabi National Oil Co., criticised the arrangement, telling Bloomberg: “Conditional passage is not passage. It is control by another name.”Traffic remains severely restricted Despite the two-week ceasefire, shipping activity remains near a standstill. Ceasefire holds, but fragile The ceasefire between the US and Iran — announced after nearly six weeks of fighting — remains tenuous.

Source: Mint April 09, 2026 19:06 UTC