Middle East Shipping Crisis Hits New Low
The threat to oil tankers in the Middle East has reached its worst level since the Iran war began, according to analysts. The warning comes after a series of attacks on vessels in the Red Sea, an alternative waterway used by some tankers since Iran blocked the Strait of Hormuz.
Iran has denied US President Donald Trump's claim that it was negotiating with the US over reopening the strait, but said it was speaking to Oman about securing the shipping lane. Analyst Matthew Wright from ship-tracking firm Kpler noted that the number of ships passing through the Strait of Hormuz had decreased significantly since the war began.
Before the conflict, around 20% of the world's oil and gas passed through the strait, but this has dropped to just eight ships on Sunday and 11 on Saturday. Many ships have been 'going dark' when crossing the strait, turning off their transponder to avoid detection.