Hormuz traffic thins as US-Iran strikes widen shipping threat
What's new: Only three commodity vessels crossed Tuesday, while Brent crude climbed above $100 as Red Sea tanker attacks added pressure.
What's new: Only three commodity vessels crossed Tuesday, while Brent crude climbed above $100 as Red Sea tanker attacks added pressure.
Why it matters: Bab el-Mandeb carried 7.4 million barrels a day in June, making it a key fallback route after Hormuz disruptions.
What's new: No ships entered the strait on July 23, while Saudi Aramco shifted some loadings to Egypt's Sidi Kerir port.
Why it matters: The strikes aim to reopen the Strait of Hormuz, where tanker traffic remains far below normal and oil prices have been jolted.
Why it matters: Ship transits fell to eight on Thursday from 15 a day earlier, deepening supply fears across a key oil chokepoint.
What's new: All six commodity carriers tracked on July 12 crossed with transponders off, while some shippers are refusing escorted passages.
Brent rose to US$85.11 a barrel as ship traffic through Hormuz fell sharply to 14 vessels on Sunday.
Why it matters: Brent rose above $79, vessel traffic through the strait fell to a five-week low and traders revived Fed hike bets.
Why it matters: Only six vessels crossed the strait Sunday, underscoring risks to a route that handled about 20% of global oil and LNG before the war.
Why it matters: Oil has dropped back to prewar levels after US-Iran talks and a new channel to reduce risks for commercial vessels.
What's new: More than 20 tankers have transited since the U.S.-Iran deal, pushing Brent back below $73 a barrel.
Why it matters: The strait handles key Gulf oil flows, and Saudi, Kuwaiti and Emirati cargoes are already shifting loading options.
What's next: Even if traffic resumes June 19, mines, insurance and security risks could keep oil and LNG flows below normal.
Why it matters: Lower refinery runs and reserve releases have helped keep Brent from surging despite the Strait of Hormuz disruption.