94 days of paralysis: The Strait of Hormuz remains choked off | CNN Business

The most powerful shipping executives in the world are gathered in Athens this week for the annual International Shipping Exhibition. The hot topic: the Strait of Hormuz. President Donald Trump has said the strait’s reopening is imminent. Administration officials tout ships getting through the vital chokepoint. Yet most shipping executives remain unwilling to send their cargo ships through the 21-mile channel until the United States and Iran strike a definitive peace agreement that includes the safe reopening of the strait. The strait’s closure continues to cut off 20% of the world’s oil supply from global markets, along with liquid natural gas and fertilizer needed for a functioning global economy. After oil prices fell last week on hopes of an agreement to reopen the strait, oil futures shot up Monday following a weekend of renewed fighting in the region and reports Iran had broken off peace negotiations. According to research firm Kpler, only seven ships on Friday passed through the strait — five entering and two exiting. Over the weekend, just four additional ships left the strait. One hundred cargo-carrying vessels typically move through the waterway daily, according t