Hormuz Transit Data Shows No Recovery Despite UNGA Diplomacy

⚓ HORMUZ — Talks filled three hours; the strait stayed empty anyway. 📌 LOOK CLOSER: Transit volumes below the 10-day average while UNGA shuttle talks run signals the blockade's operational logic is decoupled from diplomacy. IRGC controls the waterway; Araghchi controls the podium. Until Khamenei ratifies any framework, shipping markets have no reason to reprice. War-risk premiums stay elevated regardless of what's said in New York.