Ship traffic through Hormuz Strait plunges after new strikes
New data shows a sharp decline in the number of ships — many carrying oil and gas — passing through the Hormuz Strait following attacks earlier this week. Shipping companies using the US-backed route are reassessing their exposure amid heightened risk.
Shipping data shows a sharp decline in the number of vessels transiting the Hormuz Strait following attacks earlier this week. The strait remains a critical waterway through which a significant share of the world's oil and gas trade passes.
The data indicates that shipping companies using the US-backed route are reassessing their routes amid heightened security risks. Some firms have begun opting for alternative, longer routes, while insurance costs for vessels using the strait have reportedly risen significantly.
Analysts say the drop in traffic could have a gradual knock-on effect on global energy supply chains. If the decline in transits through the strait continues, further volatility in oil and gas prices could follow.
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