Strait of Hormuz Traffic Plummets as Middle East Conflict Continues
A dozen commodity vessels transited the Strait of Hormuz over the weekend, down from 35 the prior weekend, as tension in the Gulf persists.
According to shipping data from analytics firm Kpler, four vessels, two tankers carrying refined oil products and two empty carriers for bulk goods and gas, exited the strait on Sunday, while another two small-sized oil tankers entered the Gulf.
This is a significant decline from the usual traffic through the Strait, which handles about 125 large commercial vessels per day, including tankers, gas carriers, bulkers, and container vessels. Before the US-Israeli war with Iran started on February 28, the Strait typically handled around 125 large commercial vessels per day.
Saudi crude exports are rising, with Kpler provisional data indicating that Saudi Arabia's exports recovered to over four million barrels per day (bpd) so far in September after slumping to 2.4 million bpd in August, the lowest since at least 2013. The OPEC kingpin accounted for half of the exports, while 35% came from Iraq.