Key facts
- Only one tanker crossed the Strait of Hormuz on July 23, the lowest figure since May 7.
- The number of tankers crossing the strait was down from three the previous day.
- Oil prices surged back to $100 a barrel.
- The U.S. military reported completing 13 consecutive nights of strikes on Iran.
- Tanker crossings at the Bab el-Mandeb strait totaled 32 on July 23, an increase from 26.
The number of tankers traversing the Strait of Hormuz dropped to a single vessel on Thursday, July 23, marking the lowest traffic since May 7, according to data from analytics firm Kpler. This decrease occurs amidst heightened shipping risks in the Middle East and a resurgence in oil prices to $100 per barrel.
The very large crude carrier New Giant, carrying 2 million barrels of Iraqi Basrah crude, was the sole tanker to exit the strait on Thursday, with an expected arrival in China by mid-August. No ships entered the Strait of Hormuz on the same day.
Meanwhile, traffic at the Bab el-Mandeb strait saw an increase, with 32 commodity tanker crossings on July 23, up from 26 the previous day. Of these, 14 tankers were heading into the Red Sea and 18 were exiting into the Gulf of Aden. Among those exiting, nine carried crude oil, including two Chinese supertankers.
In a separate development, the clean tanker Torm Innovation, carrying approximately 500,000 barrels of naphtha destined for Asia, has altered its course towards the Suez Canal exit instead of the typical Bab el-Mandeb route. Regional trade sources indicated that rerouting via the Suez Canal could nearly triple the voyage duration. In response to these disruptions, Saudi Aramco has begun offering additional crude cargo loading at Egypt's Sidi Kerir port as an alternative to its Red Sea ports.
The U.S. military announced it had completed its 13th consecutive night of strikes on Iran.