Oil shipping halted in Strait of Hormuz despite ceasefire, pushing prices higher

Shipping traffic through the Strait of Hormuz remains at a standstill despite a ceasefire between the US and Iran, halting oil transport through the critical choke point. Analysts from JP Morgan warn that if the stalemate continues into July, oil prices could surge toward $120 per barrel and test wartime highs. The ongoing disruption is also contributing to broader inflation pressures, which are being felt in the US economy.