Hormuz Traffic Collapses as Oman and Iran Discuss Temporary Corridor

The Strait of Hormuz has seen depressed vessel traffic in recent days, with only five commodity vessels moving through the key chokepoint on Tuesday. According to ship-tracking data from Kpler, this is roughly the same number as Monday but well below the 10-day average of 15 ships.

Iran and Oman are discussing a temporary shipping corridor through the Strait, which could lead to an interim reopening. The majority of oil exports from the Strait have China as their destination, with about 65% of these shipments heading to China, according to Windward's data.

Oman and Iran held talks on establishing a joint temporary navigational corridor through the Strait, which includes clearing mines from the area. Despite these discussions, Iran warned early Wednesday that the Strait would remain closed unless the US ends its war efforts.