Hormuz Traffic Plummets to 12 Vessels Over Weekend

The Strait of Hormuz saw a significant decline in cargo vessels over the weekend, with only 12 tankers passing through. This is a stark contrast to just a week earlier, when 35 tankers navigated this crucial sea route, according to OilPrice.

Analytics firm Kpler reported that four tankers passed through the Strait of Hormuz last Thursday, which is below the average of 16 vessels over the previous 10 days. In the week before September 13, 13 very large crude carriers exited the strait, further highlighting the decline in traffic.

Despite this decrease, JPMorgan noted an improvement in tanker traffic, including shipments linked to Saudi Arabia. The investment bank estimates that over the past six days, the country exported around 2.9 million barrels of oil per day through the Strait of Hormuz.