Strait of Hormuz traffic plunges as US, Iran resume fighting

Key Points:

• Shipping traffic in the Strait of Hormuz has sharply declined due to renewed US-Iran conflict, with no large vessels broadcasting locations via the US-coordinated route since July 7 and minimal crossings observed overall.
• The strait, a crucial energy chokepoint, saw only five vessel transits on Wednesday compared to 45 on Monday, down from about 130 daily before the war began in late February.
• Iran reported multiple explosions following US strikes on Iranian targets, with Tehran claiming retaliatory attacks on US military sites in several Middle Eastern countries, though recent explosions were not attributed to US forces.
• Despite regional tensions, oil prices remained relatively stable on Friday, with Brent crude near $76.58 per barrel, though analysts predict upward pressure on prices due to dwindling inventories and supply chain stresses.
• Asian stock markets opened higher following gains in the US, with significant increases in Japan, South Korea, and Hong Kong indexes amid ongoing geopolitical uncertainties.