Recent tensions between the United States and Iran have caused a notable drop in shipping activity through the Strait of Hormuz, a vital corridor for global energy trade. On Thursday, only three commodity vessels traversed this strategic passage, marking the lowest daily traffic since May. Concerns over security have prompted many ships to delay their voyages or reverse course, following recent attacks on commercial vessels and escalating military tensions in the area.
This significant decline in shipping traffic has heightened worries about global energy supplies, given that the Strait of Hormuz is crucial for the transportation of a considerable portion of the world’s oil and liquefied natural gas. Consequently, this disruption has contributed to a rise in global oil prices. Some vessels that managed to pass through the strait subsequently paused in the Gulf of Oman, while a fuel tanker turned back to the Persian Gulf shortly after exiting the waterway.
The slowdown in activity was preceded by another weak day on Wednesday when only 11 vessels crossed the strait, far below the typical daily average of approximately 125 ships. Notably absent for a second day in a row were large crude oil tankers and liquefied natural gas carriers. Despite the reduced traffic, two very large crude carriers, each transporting around two million barrels of oil, eventually reappeared outside the strait and proceeded toward destinations in Asia and Europe.
Amid these developments, Iraq briefly halted oil loading operations at its Basra export terminal following a drone strike on an oil tanker, although operations resumed shortly thereafter. Additionally, Iran has issued warnings that oil and gas exports through the Strait of Hormuz could remain disrupted if military actions persist, fueling fears of further instability in the global energy markets.