Since the implementation of President Trump's blockade last week, vessel traffic through the Strait of Hormuz has plummeted, with Lloyd's List Intelligence reporting a 66% drop in transits, from 157 to just 53 vessels. Tanker and gas carrier movements fell from 90 to 30 crossings.
This decline follows renewed U.S. military actions and Iran's ban on maritime traffic, prompting shipowners to reassess the risks of navigating the Gulf. Daily crossings dropped from over 20 vessels to single digits, reversing a trend of gradual normalization observed after a mid-June ceasefire.
Bridget Diakun, a senior analyst at Lloyd's List Intelligence, noted that while traffic has slowed significantly, it has not ceased entirely, as some tankers continue to operate based on varying risk appetites. S&P Global data corroborates this trend, showing a nearly 50% decrease in weekly traffic.
The situation indicates that expectations for a quick resolution to the conflict may have been overly optimistic, with Saul Kavonic from MST Marquee warning that if hostilities persist, oil prices could approach $100 per barrel due to the strategic importance of the Strait, which carries about 20% of global oil consumption