S&P 500 Retreats as Iran Restricts Daily Hormuz Traffic to 15 Vessels

The S&P 500 (SPX) opened Thursday in the red as the U.S.-Iran ceasefire faces pressure from both sides.

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Earlier this week, President Trump noted that one of the requirements for the ceasefire was for Iran to reopen the Strait of Hormuz, “immediately, without limitation.” However, traffic through the global oil chokepoint remains limited, with Iran saying that it will only allow 15 vessels to pass through each day, according to the Russian ⁠news agency TASS.

Iran Warns of Hormuz Mines as Tankers Pile Up in Gulf

Iranian Deputy Foreign Minister Saeed Khatibzadeh noted that precautions must be taken when crossing Hormuz due to the mines in the passageway. “Anybody who communicates with the Iranian authority has got permission to pass,” he told ITV News.

Six vessels have transited Hormuz over the past 24 hours, including just one oil tanker, according to Kpler. More than 180 oil tankers holding roughly 172 million barrels of crude oil and refined products are stuck in the Gulf awaiting confirmation to cross.