Shipping traffic through the Strait of Hormuz further weakened over the weekend, according to Kpler data, confirming that the number of vessels passing through dropped from 15 on Friday to 11 on Saturday, and only 6 on Sunday. The decline in shipping traffic occurred despite signs that Iran and Oman are nearing a navigation agreement. Given that approximately one-fifth of the world's crude oil typically passes through this strategic waterway, the disruption remains critical for energy markets.