Hormuz transits at lowest in over two months after attacks

Crude oil shipments through the Strait of Hormuz dropped to their lowest level in over two months, due to attacks on tankers in the critical waterway that surged to their highest since the US-Israeli conflict with Iran began, according to shipping data. On Tuesday, only seven commodity vessels made the passage, marking the lowest figure since July 23, as reported by Kpler analytics firm.

Crude crossing the strait decreased by 27% from a wartime high the previous week, settling at at least 10.1 million barrels a day, still 74% of its pre-war level. Most of the decline was attributed to ship-to-ship (STS) transfers in the Gulf of Oman, where cargoes are transferred between tankers. Meanwhile, exports from the Gulf of Oman coast and the Red Sea surged to 6.7 million barrels a day, surpassing pre-war levels by more than double, and compensating for the supply loss from Hormuz, analysts noted. This helped maintain overall Middle East crude exports at pre-war levels.

The number of vessels transiting the strait increased to 10 on Wednesday, but was far below the daily average of over 20 on Sunday and Monday. However, more vessels entered the strait than exited in the past two days. The data excludes ships with Automatic Identification System transponders turned off to avoid detection.

In the latest incident, projectiles hit a tanker 51 nautical miles north of Qatar's Madinat ash Shamal, causing casualties, according to the UK Maritime Trade Operations agency, on Wednesday. The attacks on tankers transiting Hormuz reached their most intense level since the start of the Iran war on February 28. Before the war, approximately 125 large commercial vessels, including tankers, gas carriers, bulkers, and container vessels, navigated the strait daily, carrying cargoes that accounted for a fifth of global crude oil and liquefied natural gas supplies.