Hormuz Blockage Sends Brent Crude to Record High

The Strait of Hormuz has seen a significant decline in maritime traffic, with only 14 cargo vessels crossing the waterway over the weekend. This is a drastic reduction from the usual average of over 50 vessels per day.

The disruption is not limited to the Strait of Hormuz; departures of vessels from the Persian Gulf have also fallen to four units, including a single Suezmax-class tanker loaded with crude and condensates.

The vulnerability of Middle East export routes has increased following the shutdown of Saudi Arabia's East-West pipeline. The pipeline was shut down as a preventive measure after a drone attack carried out from Iraqi territory, in areas geographically close to the border with Iran.