RUSSIAN DEFENCE MINISTRY: FROM MIDNIGHT RUSSIAN TROOPS STOPPED FIGHTING - RIA

Iran introduced new transit requirements for vessels passing through the Strait of Hormuz, requiring ships to submit detailed information to the newly established Persian Gulf Strait Authority before receiving approval for passage. The move formalizes Tehran’s wartime control over the chokepoint, through which about one-fifth of global oil and LNG flows. Shipping traffic has collapsed, with Lloyd’s List reporting only 40 crossings in the week to May 3 versus a prewar average of 120 daily. Matt Wright of Kpler said “normalization is not achievable” under a long-term Iranian control scenario, estimating transit volumes could remain at only 40%-50% of export capacity.

FED'S HAMMACK: IS WATCHING CLOSELY FOR HOW LONG IRAN WAR LASTS