Press accounts vary widely over what is happening at this point in the Strait of Hormuz. Iran has announced that ships would be allowed to transit the Strait, but this would have to be coordinated with Iranian authorities; that $1 per barrel of oil would be charged as a fee (payable in cryptocurrency); and that ships would be subject to searches to make sure weapons were not introduced into the region.
Yahoo wrote, “The Wall Street Journal reported that Iran had told mediators it would limit the number of ships crossing to around a dozen a day—a fraction of the more than 130 that passed each day before the war.” Insurance giant Allianz’s chief economic advisor, Mohamed El-Erian, added on social media that shippers are likely to be “far more inclined to get our equipment and colleagues out of there than to send them in.”
