Hormuz traffic quadruples as confidence builds

Traffic through the Strait of Hormuz has more than quadrupled in the past week due to rising confidence in a US-Iran 60-day ceasefire, though analysts warn of a backlog that could take weeks to clear. Over 8,000 non-Gulf sailors remain trapped in the strait, and shipping confidence is increasing, potentially leading to an oil glut with prices predicted to fall to $60 a barrel by year-end.