Shipping through the Strait of Hormuz fell to a two-month low this week as attacks on tankers intensified, The National reported in a Reuters story. Kpler data showed seven commodity ships made the passage on Tuesday, the fewest since 23 July. The count edged up to 10 on Wednesday, still well below the more than 20 daily transits on Sunday and Monday. Before the war started on 28 February, roughly 125 large commercial vessels used the strait each day.
Crude moving through the strait dropped 27% from its wartime peak to about 10.1 million barrels a day, or 74% of the prewar level; analysts attributed most of the decline to fewer ship-to-ship transfers in the Gulf of Oman. Exports from the Gulf of Oman coast and the Red Sea rose to 6.7 million barrels a day, which kept total Middle East crude exports close to prewar levels.
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The National — insurance ↗This is an original summary of the linked report, selected by Axxion’s GCC market monitor. Facts are attributed to the publication.