Hormuz Traffic Remains Depressed as Iran and Oman Weigh Temporary Corridor

Vessel traffic at the Strait of Hormuz continues to be significantly lower than usual, as Iran and Oman discuss the possibility of establishing a temporary shipping corridor through the critical chokepoint. As of early Wednesday, only five commodity vessels had passed through the Strait of Hormuz in either direction, a figure that aligns with the previous day's count but remains far below the ten-day average of 15 vessels.

Among these, two tankers carrying liquefied petroleum gas (LPG) and one carrying bitumen were found moving outbound, while two empty product tankers sailed inbound from the Gulf of Oman into the Persian Gulf. This decline in traffic has been ongoing since August 22, with vessel numbers dropping from as many as 20 inbound, 14 outbound, and at least three non-directional crossings to as few as 4 inbound, zero outbound, and 3 non-directional crossings by Monday.

Roughly 65% of all oil exports from the Strait of Hormuz are destined for China. The subdued traffic at Hormuz follows recent meetings between Oman and Iran, where both nations emphasized the importance of resuming safe navigation through the Strait of Hormuz while respecting their respective sovereignty and sovereign rights. In a joint statement, the foreign affairs ministers of the two countries outlined a proposed framework, which includes the creation of a joint temporary navigational corridor through the Strait of Hormuz and a joint project to clear the Strait of mines.

Despite these ongoing discussions, Iran has reiterated its stance that the Strait of Hormuz will remain closed until the United States ends its conflict in the region.