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Commodities

Strait of Hormuz Shipping Collapse Fuels Oil Price Spike

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday, August 17, due to a decline in vessel traffic through the Strait of Hormuz and dimming prospects for US-Iran talks.

Brent crude prices climbed to $89.40 per barrel during trading, according to Reuters.

The main drivers of the price increase were fading hopes for renewed negotiations between Iran and Washington, as well as a drastic reduction in tanker transit through the strategic waterway.

Data from shipping analytics firm Kpler revealed that only five cargo-carrying vessels transited the Strait of Hormuz on Saturday, with zero transits recorded on Sunday.

By comparison, 31 vessels had crossed the strait during the preceding weekend.

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