Middle East Crisis Oil Market

First European Ship Appears to Have Passed Hormuz

The CMA CGM Kribi appears to be the first ship from Europe to pass through the heavily guarded Strait of Hormuz since the war broke out, Bloomberg reports.

The container ship, which has French owners, left Dubai on Thursday and was off Oman on Friday morning. Two sources told the news agency that the ship had passed through the strait.

Iran has previously allowed ships from certain “friendly” countries to pass through Hormuz, a shipping route through which around 20 percent of the world’s oil and liquefied fossil gas is transported.

US President Donald Trump has sharply criticized allies who he believes are doing too little to ease the situation in Hormuz.

Islamabad to Get Free Public Transport After Oil Shock

Pakistan is introducing free public transport in the capital Islamabad for 30 days, AFP reports. The decision comes after the government sharply increased fuel prices due to rising global energy prices caused by the war in the Middle East.

Interior Minister Mohsin Naqvi writes on X that the state will bear the cost of 350 million rupees, equivalent to about 11 million kronor.

According to the AP, fuel prices have risen by up to 54 percent, which increases the pressure on households and commuters.

– Life was already difficult for us, and now it is becoming increasingly expensive, commuter Mohammad Zain Alvi told the news agency.

Expert: Hormuz more important to the Iranians than nuclear weapons

Whether the war will be a success or a defeat for Iran will be determined by whether the country retains control of the Strait of Hormuz, according to Vali Nasr at Johns Hopkins University.

– For the Iranians, the Strait is now more important than the nuclear program, he tells the Wall Street Journal.

While the nuclear program was more symbolic, the starting point in Iran is that the strait must remain under their control, he says. This is because it is “their only deterrent and only source of revenue”.