The flow of shipping through the Strait of Hormuz experienced a significant decline on Thursday due to escalating tensions between the United States and Iran. This strategic chokepoint, vital for global energy trade, saw only three commodity vessels traverse its waters, marking the lowest daily traffic since May. The heightened security concerns, sparked by recent assaults on commercial ships and increased military hostilities, led many vessels to postpone their voyages or retreat to safer waters.
This sharp reduction in maritime activity has sparked worries about the stability of global energy supplies, as the Strait of Hormuz is a crucial conduit for a large proportion of the world’s oil and liquefied natural gas exports. The interruption in shipping has also played a role in driving up global oil prices. Notably, some ships that successfully navigated the strait later paused in the Gulf of Oman, while a fuel tanker that briefly exited the waterway reversed its course to return to the Persian Gulf.
The slowdown in traffic follows an already low count on Wednesday, where only 11 vessels made the crossing, a stark contrast to the daily average of approximately 125 ships. Particularly absent for the second day in a row were large crude oil tankers and carriers of liquefied natural gas. Nonetheless, two very large crude carriers, each transporting about two million barrels of oil, eventually resurfaced outside the strait and resumed their journeys towards destinations in Asia and Europe.
In the midst of these developments, Iraq temporarily halted oil loading operations at its Basra export terminal. This suspension came after a drone strike targeted an oil tanker, although operations resumed shortly afterwards. Meanwhile, Iran has issued warnings that oil and gas exports through the Strait of Hormuz may continue to face disruptions if military tensions persist, fueling concerns about further instability in global energy markets.