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Maritime traffic through the Strait of Hormuz has significantly decreased, with only seven ships passing through on Wednesday compared to an average of 14 ships over the previous ten days. This decline is due to escalating tensions between Iran, the United States, and Israel. The situation remains volatile amidst ongoing mutual attacks on vessels in the Gulf of Oman, where Iran has claimed responsibility for targeting ships near the strait, while Washington has announced the destruction of Iranian oil tankers in retaliation for attacks on American vessels. These developments have heightened fears of an escalation of the crisis and its impact on global oil supplies, especially after Brent crude prices exceeded $100 per barrel. The current military movements and increasing tensions have transformed the Strait of Hormuz into a strategic pressure point, affecting the oil and gas markets, with rising risks to maritime security and global supply chains.
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