Ship traffic drops in Hormuz amid tensions
The Strait of Hormuz has experienced a significant decline in ship traffic, with only six ships passing through on Tuesday, compared to nine the previous day and an average of about 12 ships daily over the past ten days. This decline reflects a severe paralysis in the strategic passage, which before the war against Iran in February saw around 125 ships passing daily, delivering approximately 20% of global oil supplies, prior to Iran's oil exports being halted due to American sanctions. This escalation in military tensions follows Houthi attacks on Saudi Arabia, the U.S. forces' detention of five oil tankers linked to Iran, increasing Iranian shelling and field events in the region, all of which have led to a rise in oil prices above $100 per barrel. Additionally, maritime movement in the Red Sea showed 25 ships crossing the Bab el-Mandeb Strait on Tuesday, compared to an average of 27 ships over the past ten days.
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