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Ship transits through the Strait of Hormuz dropped sharply on the first full day of the U.S. naval blockade of Iran. Oil prices rose as fewer vessels moved through the waterway.
Tanker traffic through the Strait of Hormuz fell sharply on the first full day of the U.S. naval blockade of Iran. Very few ships passed through the waterway that day. The reduction in vessel movements coincided with rising oil prices. The blockade restricted access to the key shipping route.
Background on the Waterway The Strait of Hormuz connects the Persian Gulf to the open ocean. It serves as a major route for oil shipments from the region. The U.S. naval action began earlier in the week. Officials have not released further details on the scope or duration of the blockade.
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