Hormuz Tanker Traffic Grinds to a Halt Amid Geopolitical Tensions
Tanker traffic through the Strait of Hormuz has slowed significantly over the weekend, putting upward pressure on oil prices. According to data from Kpler cited by Reuters, only five commodity vessels passed through the strait on Saturday, and none were scheduled for Sunday. This is a sharp decline from the previous weekend's 31 tankers.
The slowdown in traffic has boosted oil prices, with Brent crude trading at $88.62 per barrel and West Texas Intermediate at $82.18 per barrel. Earlier in the session, Brent crude broke above $89 per barrel before falling back.
The geopolitical tensions surrounding the Strait of Hormuz have been a major factor in the recent surge in oil prices. The United Arab Emirates has accused Iran of striking three ADNOC tankers last week, and the Yemeni Houthis said they had struck an Aramco refinery in Jazan.