Key facts
- Only five commodity vessels transited the Strait of Hormuz on Tuesday, according to preliminary data.
- This traffic is significantly below the 10-day average of 15 vessels.
- The slowdown follows an incident where a cargo vessel was struck by an unknown projectile in the strait.
- Iran claims control over the chokepoint, while the U.S. maintains it remains open to traffic.
- Crude oil prices have continued to rise amid escalating tensions between Iran and the United States.
Commodity vessel traffic through the Strait of Hormuz has slowed considerably, with only five vessels transiting the strategic waterway on Tuesday, according to preliminary shipping data from Kpler. This figure is well below the 10-day average of 15 commodity ships.
The reduced traffic comes amid heightened security concerns and uncertainties following an incident where a cargo vessel was struck by an unknown projectile in the Strait of Hormuz early Tuesday local time. The United Kingdom Maritime Trade Operations (UKMTO) confirmed it received a report of the incident.
Data showed that the six commodity vessels transiting on Tuesday included two tankers carrying liquefied petroleum gas, one tanker carrying bitumen, and two empty product tankers entering the strait. Other reports indicated an empty crude oil supertanker and two smaller tankers moved into the Gulf, while two medium-range fuel tankers and a post-Panamax vessel transited outbound.
Ship-tracking data indicates that vessels are exhibiting erratic behavior, including meandering and U-turning, as operators navigate escalating security threats. While the U.S. Administration maintains that the Strait of Hormuz remains open to traffic, Iran asserts its control over the chokepoint.
In response to the increased tensions and uncertainty, crude oil prices extended their gains for a fourth consecutive day early Wednesday.