According to Bloomberg tracking data, shipping traffic through the Strait of Hormuz declined sharply over the weekend, with daily transits falling from about 11 on Saturday to eight on Sunday, as the waterway remains effectively closed to most commercial vessels. The few transits recorded were dominated by Iranian-linked ships, with only two non-Iranian vessels noted: an empty South Korean-linked supertanker and a Saudi-managed liquefied petroleum gas carrier. The movement comes amid reports of Iran’s Bitcoin-backed insurance program aimed at incentivizing shipping companies to transit the congested waterway.
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