Shipping disruption has pushed Asia-US container rates past $11,000 and reduced container ship traffic by 94% compared to one year ago. VLCC spot rates for vessels transiting Hormuz and loading in the Middle East Gulf exceeded $1 million per day this week. QatarEnergy produces only a minute volume of liquefied natural gas due to the blockade, though operations could normalize within weeks of the route reopening, said CEO Saad al-Kaabi.
Tuesday, October 20, 2026
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Iran Blocks Strait of Hormuz Until US Meets 7 Terms and Container Rates Top $11,000
Commodities30 days ago
Iranian Parliament Speaker Mohammad Bagher Ghalibaf announced the Strait of Hormuz will not reopen until the US fulfills specific commitments and recognizes Tehran's rights. Iran submitted seven conditions for ending the war to Washington via mediators in Qatar and Pakistan, including the release of frozen assets, the lifting of a naval blockade, and a cessation of hostilities on all fronts. Tehran is now awaiting a response from President Donald Trump before resuming negotiations.
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