Hormuz traffic dwindles after Middle East attacks intensify

Shipping traffic at the Strait of Hormuz continued to decline at the beginning of the week following an escalation of attacks in the Middle East, according to shipping data. Initial figures from Tuesday indicated that only four vessel transits had occurred at Hormuz on Monday, a significant decrease from the 10 transits recorded the previous day.

Two dry bulk carriers, one carrying loaded cargo and the other in ballast, exited the waterway, while two oil tankers entered, both also in ballast mode. It's important to note that this data excludes vessels that may have crossed the strait with tracking transponders disabled to evade detection.

The figures also highlight a potential instance of an oil tanker exploding and catching fire after colliding with mines in the Strait of Hormuz, according to an Iranian news agency. However, the exact timing of this incident remained unspecified. Furthermore, Gulf Arab states announced the postponement of planned talks with Iran to discuss possible agreements regarding the Strait of Hormuz, creating a setback for diplomatic efforts aimed at resolving the conflict and its consequences on global oil supplies.

In a separate incident, Yemen's Houthis claimed to have launched dozens of missiles and drones towards a military airbase in Khamis Mushait, located in southern Saudi Arabia. The targets included aircraft hangars, radar systems, runways, and ammunition depots. This retaliation was in response to Saudi airstrikes in Yemen. In the Bab el-Mandeb strait, 21 commodity vessels transited on Monday, down from 28 vessels during the previous day.

Before the onset of the Iran conflict on February 28, the Strait of Hormuz typically accommodated approximately 125 large commercial vessels daily, contributing to about 20% of the world's daily crude oil and liquefied natural gas supply.