Strait of Hormuz Traffic Plummets Amid US Iran Conflict
The Strait of Hormuz has become a hotspot for military tensions between the US and Iran, with vessel traffic plummeting as the conflict escalates.
A vital waterway for global shipping, the strait connects the Persian Gulf to the Arabian Sea and is a key route for oil exports. However, since the June 17 ceasefire collapsed, traffic through the strait has been declining again.
On July 7, Iran struck three vessels near the strait, prompting the US to resume airstrikes on Iran. The following day, Iran declared the waterway closed, and President Donald Trump reinstated a naval blockade on vessels entering or leaving Iranian ports.
According to Amin Nasser, CEO of Saudi Aramco, the world's largest oil exporter, the conflict has resulted in the loss of approximately 2.6 billion barrels of global crude oil reserves. Current trade flows through the Strait of Hormuz stand at about one-tenth of their pre-conflict levels.