On Thursday, shipping traffic through the Strait of Hormuz experienced a significant downturn, underscoring renewed tensions between the United States and Iran. This vital artery for global energy trade saw only three commodity ships navigate its waters, marking the lowest level of daily activity since May. The decline comes amid rising security concerns following recent attacks on commercial vessels, which have heightened military tensions in the region.
The dramatic drop in shipping activity has sparked worries about the stability of global energy supplies, given the strait’s critical role in facilitating the export of a large portion of the world’s oil and liquefied natural gas. Concurrently, this disruption has been a factor in the recent upward trend in global oil prices. Vessels that managed to transit the strait later anchored in the Gulf of Oman, while a fuel tanker that briefly exited the area opted to reverse course and return to the Persian Gulf.
This slowdown follows a similarly weak performance on Wednesday, when only 11 vessels made the crossing, starkly below the typical daily average of around 125 ships. Notably, large crude oil tankers and liquefied natural gas carriers were absent from the strait for a second straight day. Nevertheless, two very large crude carriers, each transporting approximately two million barrels of oil, eventually emerged from the strait and proceeded toward destinations in Asia and Europe.
Disruptions were further compounded by Iraq’s temporary suspension of oil loading operations at its Basra export terminal after a drone strike targeted an oil tanker. Operations resumed shortly thereafter. Adding to the uncertainty, Iran issued a warning that oil and gas exports through the Strait of Hormuz might continue to face disruptions if military actions persist, stoking fears of ongoing instability in global energy markets.