Hormuz Tanker Traffic Slumps as U.S. and Iran Trade Threats
Tanker traffic via the Strait of Hormuz remained weak over the weekend, with fewer than 20 vessels traversing the chokepoint as Iran and the United States traded threats again. Some 13 tankers passed through the strait on Saturday, with only four making the journey on Sunday, Kpler data cited by Reuters showed. That compares to 16 passing through the strait on Friday and one very large crude…
The passage discusses a decrease in tanker traffic through the Strait of Hormuz, a narrow waterway crucial for global oil trade. As of the weekend, fewer than 20 vessels were navigating the strait, with only 13 passing through on Saturday and just four on Sunday. This is a significant drop from the 16 vessels that transited the strait on Friday and one large crude carrier that exited Hormuz on Thursday.
Over the week ending August 21, a total of 103 vessels entered the strait, while 89 exited, according to UK Maritime Trade Operations data. Out of these, 45% were tankers, with 56% of them carrying oil. The UK Maritime Trade Operations noted that traffic in the strait remains well below normal levels, with transits approximately 90% below pre-conflict baselines and continuing to decline.
Meanwhile, US Treasury Secretary threatened on Sunday "an economic D-Day" against Iran, stating that the US administration has significantly weakened Iran's military and nuclear capabilities. In response, Iran threatened to halt all oil exports from the Persian Gulf, warning that not a single drop of oil would be exported if the economic war continued.
Despite the tension, oil prices began the week lower, anticipating the US economic pressure campaign against Iran, even though the specific details of the campaign were not mentioned by Treasury Secretary.
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