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Iran claims to have closed the Strait of Hormuz once more, slowing shipping.
Following Iran’s announcement that it had once more closed the Strait of Hormuz due to Israeli and US violations of the interim peace agreement, shipping statistics revealed a dramatic decline in the number of ships passing through the canal on Sunday.
Out of the 26 ships seen the day before, five passed the strait on Sunday, according to data from analytics company Kpler. Among them were three Very Large Crude Carriers, one of which was bound for Japan, each carrying about two million barrels of Saudi gasoline and crude oil. Vessels that turn off their transponders while in the Gulf may not be included in the statistics.
In response to Israeli strikes in Lebanon, Tehran’s Islamic Revolutionary Guard Corps declared the waterway closed once more on Saturday. Iran had lifted its effective blockade of the strait last week after reaching an agreement with the US to extend an April ceasefire for 60 days to allow for peace talks. Commercial ships were still in operation, according to the US Navy.
According to the data, three VLCCs carrying crude from the United Arab Emirates, Kuwait, and Iraq were among the ships that left the strait on Saturday, while three tankers carrying different oil products were also there.
According to the data, 13 ships—including two VLCCs—entered the strait on Saturday.
Kuwait Petroleum Corp. and Abu Dhabi National Oil Co., two Gulf producers, have released bids for the sale of oil that can be loaded from both within and outside the Strait of Hormuz.
Two ships operated by South Korea crossed the Strait
According to Seoul’s Ministry of Oceans and Fisheries on Monday, two South Korean-operated ships crossed the Strait of Hormuz following the signing of a ceasefire memorandum of understanding between the United States and Iran last week.
The government declined to provide more information about the vessels, stating that they are travelling normally but have not yet completely left a high-risk area.
The ministry stated that the ships are not headed for South Korea and do not have any South Korean staff on board.
It stated that 22 ships operated by South Korea are still stuck in the Strait of Hormuz.
The Pakistan Stock Exchange (PSX) resumed the trading session with a bullish tone on Monday after first round of the US-Iran talks ended in Switzerland.
The KSE-100 index climbed 1,223 points, breaching the psychological barrier of 180,500 points at the start of the first trading day of the week.
Last week the market had closed in the negative zone as the KSE-100 index lost 2,475 points to close at 178,922 points.
In the last session, the index had an intraday high of 182,185 points and a low of 177,836 points.
After 30 newly elected members were sworn in on Sunday, the Gilgit-Baltistan Assembly will convene here on Monday at 3 p.m. to elect a speaker, deputy speaker, and leader of the house.
The lawmakers were sworn in by Assembly Speaker Nazir Ahmed Advocate, who then adjourned the meeting till today.
The Pakistan Muslim League-Nawaz (PML-N) has agreed to support a coalition agreement, while the Pakistan People’s Party (PPP), which emerged as the largest party in the recently concluded assembly elections, is expected to form the next government in Gilgit-Baltistan.
According to political insiders, the PPP and the PML-N have reached a deal that is comparable to their federal power-sharing arrangement, guaranteeing the coalition a sizable majority in the assembly.
The PPP is now the largest party in the 33-member house after winning 11 seats, according to the election results. The Istehkam-e-Pakistan Party won four seats, while the PML-N won six. Other parties and independents supported by the PTI were also elected to the legislature. However, because to ongoing legal actions, notifications of the results of three constituencies have not yet been released.
Amjad Hussain is the party’s nominee for chief minister, according to PPP Chairman Bilawal Bhutto Zardari. Following the completion of the reserved seat allocation procedure, party leaders expressed confidence that the coalition would easily secure the necessary numbers.
Before choosing the leader of the house, the assembly is supposed to elect its speaker and deputy speaker. After the polls, weeks of political unpredictability are probably coming to an end with the formation of the new government.
According to observers, the PPP-PML-N collaboration is anticipated to stabilise the political environment in the area and represents the two parties’ greater national cooperation.
The most senior member of the Supreme Court of Pakistan, Justice Munib Akhtar, has been sworn in as Pakistan’s acting chief justice.
At the Supreme Court Branch Registry in Karachi, Justice Muhammad Shafi Siddiqui delivered the oath to Justice Munib Akhtar in a ceremonial but straightforward ceremony.
While CJP Yahya Afridi travels overseas, Justice Munib Akhtar will serve as Pakistan’s chief justice.
The event was attended by judges from the Federal Constitutional Court and the Supreme Court.
Senior authorities and staff members attended the hearings, which were led by the Supreme Court registrar.
As the KSE-100 adds more than 1,200 points, the PSX opens higher.
Today, the Gilgit-Baltistan Assembly will choose its speaker, deputy, and house leader.
As the acting CJP, Justice Munib Akhtar takes an oath.
ICC board meeting in India: Mohsin Naqvi gets invitation
The IMF mission has arrived in Pakistan for discussions regarding the budget.
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