Hormuz Tanker Traffic Stalls at Two-Month Low as Attacks Escalate
Hormuz Tanker Traffic Stalls at Two-Month Low as Attacks Escalate Traffic at the Strait of Hormuz remains at the lowest in more than two months as security concerns have intensified with recent attacks on ships and persistent threats to shipping in the region.
After a brief respite between the middle of June and early July, when traffic at Hormuz rose with the tentative opening of the chokepoint as part of the now-dead U.S.-Iran memorandum of understanding, traffic of all vessels, including commodity carriers,plunged to a two-month lowas of the end of July.
attempts to talk down oil prices and an announcement that talks with Iran would begin anew.
The security situation has actually deteriorated in the past two weeks, with Iran determined to exert control over vessels transiting the Strait of Hormuz and the Iran-aligned Houthis threatening Saudi-linked shipments in the Red Sea and the Bab el-Mandeb Strait leading into the Arabian Sea.
As a result, traffic at the Strait of Hormuz remained subdued as of Tuesday, according to ship-tracking data monitored byBloomberg.
The trickle of traffic is extending the period in which tanker owners are either using dark mode to transit the chokepoint,abandoning efforts to cross, or not risking transits at all.
This weekend, the Egypt Prosperity, a very large crude carrier (VLCC), aborted an attempt to exit the Persian Gulf following direct threats over radio, according to alerts by security consultancies seen by Bloomberg News.
The crew on the Egypt Prosperity also reported they had heard explosions close to the vessel.
Analysts at security and vessel-tracking firms toldthe BBCthis week that the threats to shipping in the Gulf and the Red Sea have now escalated to the worst safety situation since the Iran war began.
“In terms of threat to the trade of crude, we're at the worst period that we've been in since this since this crisis began,” Matthew Wright, an analyst at ship-tracking firm Kpler, told the BBC.
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Oil Blockade US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On US Crude Oil, Gasoline Inventories Still Falling The U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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