Hormuz Tanker Crossings Sink to Lowest Level Since May as War Risk Spikes
Oil tanker traffic through the Strait of Hormuz has dropped to its lowest level since May due to rising geopolitical tensions and war risks. Analysts note that tankers are increasingly re-routing to avoid potential conflict zones, impacting global energy supply chains.
Why it matters
Disruptions in key maritime chokepoints like the Strait of Hormuz can lead to significant volatility in global oil prices and energy security.
Only one oil tanker transited the Strait of Hormuz on Thursday, the lowest number of crossings since May 7, as war risks spiked this week to hike crude oil prices above $100 per barrel again. Three tankers transited the Strait of Hormuz on Wednesday, but this number crumbled to just one on Thursday, according to Kpler's vessel-tracking data cited by Reuters on Friday. The New Giant, a supertanker loaded with about 2 million barrels of Basrah crude from Iraq, exited the Strait of Hormuz on Thursday, with China's Rizhao port expected to welcome it in the middle of August, the data showed. At the same time, no tanker made an inbound transit through the Strait into the Persian Gulf on Thursday.
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