Hormuz Traffic Stays Low as US-Iran Fighting Intensifies

Shipping through the Strait of Hormuz remained low over the weekend as fighting intensified across the Middle East, data showed on Monday.

Only four vessels crossed the strait on Sunday, down from eight on Saturday, according to LSEG. Since Friday, at least three oil-product tankers and one very large crude carrier have entered the waterway to load oil.

On Sunday, the US announced that it had completed an eighth consecutive night of strikes against Iran. Both sides have increasingly targeted maritime traffic, with Washington saying it is enforcing a naval blockade on Iranian ports and Tehran claiming it is attacking vessels that violate its navigation rules in the strait, which normally handles about one-fifth of global oil trade.

No liquefied natural gas (LNG) tankers have been visible passing through the strait since Thursday, although some vessels may have switched off their transponders. S&P Global said LNG production and tanker loadings in Qatar and the United Arab Emirates had continued despite the disruption, creating a growing inventory aboard vessels waiting inside the Gulf.

Seven laden Qatari tankers were estimated to be holding about 570,000 metric tons of LNG in mid-July. S&P Global said those vessels could allow exports to rebound rapidly if the blockage of the strait eases in the coming weeks.

(Reuters, bak)