Only three ships transit Strait of Hormuz on Wednesday, data shows
Shipping traffic through the Strait of Hormuz dropped sharply to just three vessels on Wednesday, far below the recent daily average, according to tracking data.
Volodymyr Omelchenko, Director of Energy and Infrastructure Programs at the Razumkov Centre, highlighted the difficulty in bypassing the Strait of Hormuz and the Bab el-Mandeb Strait during a comment to Ukrinform. He stated that constructing new oil pipelines in challenging areas would be extremely costly and require many years, emphasizing that there is no quick solution to this problem.
The United States, Russia, and India currently lead the global market in oil and petroleum product exports. Saudi Arabia has experienced a decline in its global export position due to the closure of the Strait of Hormuz and ongoing developments in the Bab el-Mandeb Strait. Saudi Arabia recently suspended operations in its East-West oil pipeline following an air attack amid the escalation of the Middle East war.
The strategic Greater and Lesser Hanish islands in the southern Red Sea have been seized by Yemeni Houthi rebels, strengthening their presence near crucial maritime trade routes. In response to the economic sanctions and naval blockade imposed by the United States, Iranian authorities have decided to expand the shipping ban beyond the Strait of Hormuz to encompass an adjoining segment of the Persian Gulf.
Written by urgent.news from Ukrinform - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
