Strait of Hormuz Traffic Plummets as US-Iran Conflict Escalates

The Strait of Hormuz has become a focal point for global energy markets as tensions between the US and Iran escalate.

Traffic through the strait, which connects the Persian Gulf to the Gulf of Oman, has declined dramatically since the June 17 ceasefire collapsed.

According to CNN's tracking, ship traffic initially resumed slowly after the US-Iran conflict intensified on July 7, but it has since decreased significantly due to Iran's declaration that the waterway was closed.

The US reinstated sanctions on Iranian oil sales on July 7 and implemented a naval blockade on vessels entering or leaving Iranian ports on July 14.

Amin Nasser, CEO of Saudi Aramco, estimates that the war with Iran has resulted in the loss of approximately 2.6 billion barrels of global crude oil reserves.