Key facts
- Vessel traffic through the Strait of Hormuz fell to two on Wednesday from eight the previous day.
- Traffic at the Bab el-Mandeb Strait dropped to one vessel on Wednesday from 20 on Tuesday.
- The Houthi group claimed to have struck a Saudi oil tanker, the 'Wafaa', in the Red Sea.
- Security analysts described the current shipping safety situation as the worst since the Iran war began.
- Iran and Oman are reportedly nearing a deal on the joint management of the Strait of Hormuz.
Vessel traffic through two critical global shipping chokepoints, the Strait of Hormuz and the Bab el-Mandeb Strait, significantly decreased on Wednesday following a Houthi claim of a missile strike on a Saudi oil tanker in the Red Sea. Ship-tracking data revealed only two vessels transited the Strait of Hormuz, a sharp decline from eight the previous day. Similarly, traffic at the Bab el-Mandeb Strait, which connects the Red Sea to the Arabian Sea, fell to just one commodity vessel from 20 on Tuesday.
The Iran-aligned Houthi group in Yemen stated they conducted a military operation targeting the Saudi oil tanker 'Wafaa' with ballistic missiles. Maritime intelligence group Windward noted that the tanker, last seen transmitting on July 19, likely turned back north after the Houthi blockade announcement and was hit hundreds of kilometers from the declared zone.
Analysts from security and vessel-tracking firms have warned that the threats to shipping in the Gulf and Red Sea represent the most severe safety situation since the Iran war. However, there is cautious optimism in the market regarding potential rebounds in oil and gas flows, as Iran and Oman are reportedly in the final stages of an agreement to jointly manage the Strait of Hormuz. Iran's foreign ministry spokesman, Esmaeil Baghaei, confirmed the deal with Oman was nearing completion.