On Thursday, the flow of shipping traffic through the Strait of Hormuz experienced a significant decline, attributed to escalating tensions between the United States and Iran. As one of the most vital corridors for energy trade globally, the strait saw only three commodity vessels make the crossing. This marked the lowest level of daily traffic since May, as many ships opted to delay their voyages or reverse course due to increasing security risks, following recent attacks on commercial vessels and growing military friction in the area.
The reduction in shipping activity has sparked widespread concern regarding global energy supplies, considering the Strait of Hormuz’s crucial role in handling a large portion of the world’s oil and liquefied natural gas exports. This disruption has simultaneously driven up global oil prices. Some vessels that successfully navigated through the strait were later seen coming to a halt in the Gulf of Oman. Meanwhile, a fuel tanker that briefly exited the waterway decided to turn back to the Persian Gulf.
The shipping slowdown on Thursday came after an already subdued day on Wednesday, where just 11 vessels traversed the strait, a figure significantly lower than the typical daily average of about 125 ships. Notably absent for a second consecutive day were large crude oil tankers and liquefied natural gas carriers. Despite this dip in traffic, two very large crude carriers, each transporting approximately two million barrels of oil, eventually re-emerged outside the strait and continued their journeys toward destinations in Asia and Europe.
Compounding the situation, Iraq temporarily halted oil loading operations at its Basra export terminal after a drone strike targeted an oil tanker but resumed activities shortly thereafter. Iran has issued warnings that if military confrontations persist, the export of oil and gas through the Strait of Hormuz might continue to face disruptions, fueling concerns over potential further destabilization in global energy markets.