Commodities
Strait of Hormuz Tanker Traffic Plummets Amid Escalating Oil Prices
The Strait of Hormuz has seen a significant drop in tanker traffic, with only one vessel crossing on Thursday. This marks a low point since May 7, according to analytics firm Kpler. The lone tanker, New Giant, is carrying 2 million barrels of Iraqi Basrah crude and is en route to China's Rizhao port.
The decline in Strait of Hormuz traffic comes as oil prices have surged back above $100 per barrel. This increase in tensions has led to a shift in trade routes, with more tankers taking the Bab el-Mandeb strait instead. On July 23, 32 vessels crossed through this route, up from 26 the previous day.