Gulf of Hormuz: Shipping Drop Amid Tensions
Maritime traffic through the Strait of Hormuz has fallen to its lowest levels at the end of the week amid escalating tensions between the United States and Iran over control of the strategic waterway. Only nine ships passed through on Thursday, compared to the monthly average of 12 ships in August, as Iran maintains full control over the strait according to its statements. Meanwhile, the U.S. asserts that it aims to ensure freedom of navigation. At the same time, the strait witnessed an attack on two ships operated by Abu Dhabi's ADNOC, with Abu Dhabi blaming Iran for the assault. This increases the risks to global oil supplies, which heavily depend on this vital corridor.
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