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Oil traffic through the Strait of Hormuz remains effectively halted despite a U.S.-backed ceasefire that went into effect this week.
A backlog of roughly 3,200 vessels — among them 800 tankers and cargo ships — has built up west of the strait, with ships idling as operators wait for clarity on whether it is safe to pass.
No oil tankers have risked the journey in recent days, according to Matt Smith, an analyst at Kpler, a data and intelligence company. Oil futures remain elevated after initially dropping when the ceasefire was announced.
The two sides are scheduled to meet face to face in Pakistan this weekend with Vice President JD Vance leading the American negotiating team. Israel, in the meantime, says it will hold direct talks with Lebanon. That country was not part of the deal negotiated between the Americans and Tehran. The Israelis have been striking at Hezbollah targets in that country.
As expected, March inflation numbers were elevated due to higher energy costs. Prices rose 0.9% last month and 3.3% year over year. Both numbers were consistent with predictions earlier this week.