Mediators Push for US-Iran Ceasefire Amid Strait of Hormuz Collapse
Mediators are working to broker a ceasefire between the US and Iran as traffic in the Strait of Hormuz has collapsed to just 10 ships per day. Qatar proposed a 10-day ceasefire and an end to shipping restrictions in the strait to reduce tensions.
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According to the Wall Street Journal, mediators fear the US and Iran may settle into a pattern of conflict below the threshold of all-out war, but one that disrupts regional economies indefinitely.
Traffic in the Strait of Hormuz has dropped to only 10 ships per day. Qatar has floated the idea of a 10-day ceasefire coupled with an end to shipping restrictions in the strait as a way to de-escalate tensions.
Brent crude oil continues to trade around $90 per barrel.
Source: The Kobeissi Letter