Iran asserts control over Strait of Hormuz, challenges navigation rights

Iran’s U.N. mission declared the country is not bound by the United Nations Convention on the Law of the Sea, asserting authority over the Strait of Hormuz. Strait of Hormuz traffic returning to normal by May 15 now sits at 19.5% YES, down from 20% yesterday. Market reaction The traffic through the Strait of Hormuz returning to normal by May 15 market ticked lower after Iran’s declaration. Face value volume is $215,992/day with $36,459/day in actual USDC traded. It takes $4,658 to move the market 5 points. The UK warships through the Strait by April 30 market sits at 1.8% YES, suggesting traders expect logistical disruptions more than military escalation.

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