Market News
How countries are cutting deals with Iran to move oil through Hormuz - INDEPENDENT
After two weeks of turmoil and violence in the Strait of Hormuz, an international cargo ship has transited safely through the Iranian waterway with its tracker turned on in what experts described as a major breakthrough.
The Pakistan-flagged ship, the Karachi, also known as the Lorax, became the first non-Iranian vessel to pass through the strait with its automatic identification system (AIS) signal turned on, on Sunday afternoon.
Hundreds of ships are trapped in the Gulf after Iran claimed complete control over the strait, days after the US and Israel declared war and assassinated supreme leader Ali Khamenei. At least 16 ships have been attacked in the Gulf since the war started on 28 February, according to the UK Maritime Trade Organisation (UKMTO).
