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Glonhui, June 23 | Stifel has raised its year-end target for the S&P 500 Index to 7,800 points due to strong corporate earnings performance.

BlockBeats news, on June 23, according to Bitget market data, affected by a decline in the US stock storage concept sector, Kioxia US stock ADR fell nearly 20% in pre-market trading.

⑴ After the signing of a temporary agreement between the US and Iran, vessel traffic through the Strait of Hormuz has gradually rebounded. From last Friday to Sunday, a total of 71 ships were monitored passing through, peaking at 35 on Saturday. However, this remains far below the pre-war normal level of about 100 to 130 ships per day. The main channel remains closed due to uncleared naval mines.⑵ Iran has set up a new agency this month with plans to levy transit fees for ships, while Trump has threatened that if a final agreement is not reached within the 60-day negotiation period, the US may impose its own fees. Shipping experts point out that any unilateral fee mechanism would upend decades of international maritime practice and could violate the right of innocent passage as guaranteed by the United Nations Convention on the Law of the Sea.⑶ Legal scholars emphasize that, as a natural strait, transit rights through Hormuz are protected under international law and that fees are only applicable to man-made waterways such as the Panama Canal. If Iran forces the implementation of transit fees, it would need to adjust the traffic separation rules through the International Maritime Organization. Since neither the US nor Iran are parties to the Law of the Sea Convention, the legal dispute becomes even more complex.⑷ The temporary agreement allows Iran to manage the strait for 60 days while negotiating future management arrangements with Oman and the six Gulf countries. However, the agreement does not include provisions for maintaining free passage after the negotiation period. The insurance and shipping industries remain generally cautious about the situation, and it is expected that bulk commodity flows will take several months to return to pre-war levels.