[Strait of Hormuz Traffic Drops to Lowest Level Since War Begins, Only 35 Ships Pass Through in One Week] ⑴ According to Lloyd's Register data, the number of ships passing through the Strait of Hormuz has fallen to its lowest level since the outbreak of the war. This situation is due to the combined effects of the US blockade of Iranian ports and Iran's renewed attacks on commercial shipping through the strait. Only 35 ships passed through the strait in the week of April 20-26, far fewer than the 78 ships of the previous week. ⑵ Lloyd's Register data shows that 24 of the 35 passing ships were involved in trade with Iran, 16 of which belonged to a shadow fleet organized by Iran to circumvent sanctions. Before the war, approximately 130 ships passed through the waterway daily to reach markets, especially in Asia. Traffic slowed further after Iran reimposed restrictions on passage through the strait on April 19 and again attacked some merchant ships; the US blockade of Iranian ports began about a week earlier. ⑶ Lloyd's Register data covers ships crossing the strait in both directions and traveling to and from the Iranian port of Bandar Abbas on the northern edge of the strait, and only includes large cargo ships with a deadweight tonnage exceeding 10,000 tons. Current navigation levels are only about 3% of pre-war levels, and the Strait of Hormuz remains effectively under heavy blockade, posing a continued risk of disruption to global oil and liquefied natural gas supplies.

Spot gold has just broken through the $4,580.00/ounce mark, and is currently trading at $4,580.36/ounce, down 2.13% on the day; COMEX gold futures are currently trading at $4,592.70/ounce, down 2.15% on the day.

[The pound faces downside risk ahead of UK local elections] (1) Analysts at UBS say the pound faces downside risk ahead of the UK local elections on May 7. The election could again raise concerns about political risk in the UK. (2) The election will be a key test for Prime Minister Keir Starmer, whose political future is already in jeopardy after he was accused of misleading Parliament over the appointment of former British ambassador to the US, Peter Mandelson. (3) MPs are debating the matter and will soon vote on whether to refer Starmer to an investigation.