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Hormuz tanker traffic falls after Iran attacks trigger fighting with U.S.
CNBC • • general
Key Points:
- Oil tanker traffic through the Strait of Hormuz has significantly slowed, with only 13 tankers crossing on Wednesday compared to an average of 33 per day the previous week, following Iranian attacks on three commercial ships.
- Oil prices have surged over 6% this week amid concerns that crude exports through the strategic strait could be further disrupted due to escalating U.S.-Iran tensions.
- President Donald Trump declared the ceasefire with Iran over after the tanker attacks, leading to U.S. airstrikes and reimposed sanctions on Iranian oil, marking the most significant escalation in the conflict.
- Despite the conflict, the oil market does not anticipate a full closure of the strait, instead expecting intermittent skirmishes interspersed with periods of relative calm allowing tanker transit.
- Iran demands ships use a northern route under its control for safe passage, attacking vessels on the southern route protected by the U.S. Navy, aiming to destabilize the southern corridor and pressure Gulf State producers.
