According to CoinMeta, and as reported by the Financial Times, one of the world's largest commodity traders, Vitol ( Mercuria ), is suing the 282-year-old Baltic Exchange. The High Court of England will begin hearing this case on Monday. The core dispute revolves around whether the Baltic Exchange should continue to publish benchmark freight rates for oil tankers passing through the Strait of Hormuz after the US-led war against Iran began this year. Vitol argues that shipping volumes through the strait have plummeted since the war began and that Iran has claimed to have blockaded it, and therefore the Baltic Exchange should suspend its flagship tanker route benchmark index “ td3c ”. The Baltic Exchange contends that it is not uncommon for there to be no activity on the routes in the short term, and that there are still ships passing through. It relies on experienced brokers to provide freight rates. Its lawyers warn that if Vitol wins the case, it could lead to “chaotic consequences across the market,” with hundreds of transactions possibly having to be canceled.