Israel did not expect Iran to close Hormuz, envoy tells ABC News

More than 60 empty Very Large Crude Carriers (VLCCs) are heading toward the US Gulf Coast to load American crude, according to shipping data, as disruption in the Strait of Hormuz continues.

Each vessel can carry around 2 million barrels of oil, positioning US exports to help supply Asian and European markets affected by the slowdown in Gulf shipments.

Traffic through the Strait of Hormuz remains well below normal levels, with limited transits and ongoing delays reported in the region.

Former US Defense Secretary Leon Panetta said on Friday that military force cannot bring about regime change, arguing that bombing campaigns do not produce lasting political outcomes.

“I think we’ve understood for a long time that you cannot bomb your way to a change in regime,” Panetta said in comments to Bloomberg. “With all sides now exhausted, there is now an opportunity to pursue a ceasefire.”

Panetta said that, based on historical examples including Vietnam, past conflicts have shown that military strikes alone cannot quickly or decisively change a country’s leadership.

Oil prices recorded their largest weekly decline since the start of the war, with US crude falling 13.4% and Brent dropping 12.7%, according to market data cited by NBC News.

US crude oil prices fell from around $111 per barrel at the start of the week to $96.57 by Friday, marking the steepest weekly decline since the conflict began.

Despite the weekly drop, oil prices remain significantly higher compared with the start of the year, with US crude still up more than 60% since January.

Iran's nationwide internet blackout has reached 1000 hours of near-total disconnection, according to internet monitor NetBlocks.

The government-imposed shutdown, which began on February 28 amid US-Israeli strikes, restricted most Iranians to the state-controlled National Information Network, with connectivity at about 1% of normal levels. It is now the longest such blackout recorded anywhere.

Iran-linked vessels have accounted for the majority of recent transits through the Strait of Hormuz following a US-Iran ceasefire, the Financial Times reported on Friday.

At least nine of around 14 vessels that have passed through the strategic waterway since the pause in fighting were linked to Iran, including ships calling at Iranian ports, flying the Iranian flag or associated with Tehran’s maritime network, the FT said.

The report added that overall traffic through the Strait of Hormuz remains well below pre-conflict levels, with industry estimates suggesting commercial flows have yet to fully normalize.