Strait of Hormuz traffic hits two-month low
The volume of commercial ships passing through the Strait of Hormuz has declined to its lowest level in over two months, due to increasing attacks on oil tankers and vessels in the region. This has heightened concerns about the security of one of the world’s most vital energy corridors. Only 7 ships passed through on October 6th, the lowest number since July, before rising to 10 ships the following day—still significantly lower than the over 20 ships daily at the start of the week. This slowdown coincided with a 27% drop in crude oil flows, down to approximately 10.1 million barrels per day, even though oil exports through the Gulf of Oman and the Red Sea increased to offset the decline. This reflects the region’s reliance on alternative routes for transporting oil due to escalating security risks. The deterioration in navigation movement has raised shipping and insurance risks, as well as oil prices, with Brent crude exceeding $102 per barrel amid fears of escalating unrest and their potential impact on global energy supplies.
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