IHG ramps up Middle East expansion as Saudi hotel pipeline hits 65 properties

A dozen commodity vessels traversed the Strait of Hormuz over the weekend, a significant decrease from 35 the previous weekend, according to shipping data released on Monday, as tensions in the Gulf continue unabated between the US and Iran. The Revolutionary Guards of Iran reported a supertanker struck by mines in the Strait of Hormuz, indicating that visible traffic through the strait, which previously accounted for a fifth of the world's oil and liquefied natural gas prior to the war, has dwindled to a mere trickle.

Despite this, Middle Eastern producers persist in exporting oil using tankers equipped with transponders sailing off the coast. Of the trackable ships, four vessels - two tankers carrying refined oil products and two empty carriers for bulk goods and gas - exited the strait on Sunday, while another two smaller-sized oil tankers entered the Gulf, provisional data from analytics firm Kpler revealed.

Iran has reportedly communicated its willingness to re-engage in talks aimed at ending the war with the US. On Saturday, five vessels departed the Gulf carrying agricultural products, liquefied petroleum gas, and fertilizers, while an empty very large gas carrier entered, the data indicated. Prior to the US-Israeli war with Iran commencing on February 28, the strait typically accommodated approximately 125 large commercial vessels daily, encompassing tankers, gas carriers, bulkers, and container vessels.