UN specialized agency regulating maritime transport
Trump has instructed the DOJ to investigate oil companies for alleged price gouging as global fuel prices ease from wartime highs; experts caution the process is complex and may not quickly translate into cheaper gasoline for consumers.
Commercial traffic has resumed through the Strait of Hormuz since a US–Iran memorandum, but volumes remain far below prewar levels and many ships are avoiding the straits central lane because of mines and security risks. Ship trackers report partial recoveries, dark sailings and large backlogs; insurers and shippers are waiting for demining and clear enforcement rules.
Iran announced it will allow some vessels to pass through the Strait of Hormuz, citing safety and security regulations, as tensions from the ongoing war with the US and Israel persist. Traffic remains significantly reduced, impacting global energy supplies and prices.
Iran has declared the Strait of Hormuz completely closed following US and Israeli strikes on Iran. This has caused a sharp drop in shipping traffic, a surge in oil prices to $111 a barrel, and energy shortages in countries like the Philippines. Alternative routes are being explored, but the impact on global markets is immediate and severe.
A Russian LNG tanker, Arctic Metagaz, has been drifting in the Mediterranean since a series of explosions on March 3. Libyan authorities failed to tow it due to bad weather, raising environmental concerns. The vessel remains out of control, with risks of pollution and ecological disaster.
President Trump has announced a halt of all ships entering or leaving the Strait of Hormuz until Iran allows unobstructed oil flow. Iran's IRGC Navy claims full control and warns against military approaches. The US has reported passing two destroyers through the strait and downed an Iranian drone amid ongoing tensions.
A Russian LNG tanker has been drifting in the Mediterranean since a suspected sea drone attack in early March. The vessel, carrying 60,000 tonnes of LNG, was badly damaged and is now out of control. Ukraine has not claimed responsibility but is accused of targeting the tanker with naval drones. The incident highlights ongoing tensions over sanctions and energy exports amid the Ukraine conflict.
The EU has provisionally applied the EU-Mercosur trade pact amid domestic opposition, with tariffs set to fall on most bilateral trade. Final ratification remains pending the EU judiciary's ruling; the bloc cites potential GDP gains while critics warn of farming disruption and environmental risks. Leaders are coordinating Friday to mark the milestone as negotiators push for full implementation.
President Trump has signalled that the Iran ceasefire is on life support, with hints of renewed hostilities, while Tehran presses for a peace framework and a nuclear discussion. Iran appears to be expanding influence over Hormuz, and a US–China summit in Beijing will address the crisis as energy markets react.
The Persian Gulf Strait Authority is defining the Hormuz boundaries and proposing permit-based passage, a plan that would leverage the strait as a revenue source while delaying any end to the conflict. Western nations reject tolls as violations of international law and emphasize freedom of navigation, complicating negotiations.
The U.S. Central Command has said three Indian seafarers have died after a U.S. strike on the Settebello tanker off Oman, part of a broader blockade of Iran-related shipping that has seen multiple vessels disabled or redirected since April. Dozens of seafarers have been rescued, and India has protested formally while urging dialogue to restore regional stability.
Global tech shares rebound as major indices recover from the previous session's sell-off. South Korea's Kospi leads gains after a steep drop, with Samsung Electronics and SK Hynix rallying, while other markets show mixed performance as investors reassess AI-driven valuations.
Iran and Oman reaffirm sovereignty over the Strait of Hormuz and say they will study maritime services and costs during a 60‑day pause on tolls, while talks with the United States aim to keep the strait open and under international law. The 60‑day period follows a memorandum of understanding with the United States and coincides with a flurry of diplomatic visits and statements from Washington, Tehran, and regional partners.
The International Maritime Organization has secured safety guarantees to begin evacuating more than 11,000 seafarers stranded in the Gulf as Iran, the U.S. and regional states pursue a phased relief through the Strait of Hormuz. Ship traffic remains well below prewar levels as talks continue and routes are established.