Key facts
- Vessel traffic at the Strait of Hormuz and Bab el-Mandeb Strait significantly decreased on Wednesday.
- The Houthi group claimed to have hit a Saudi oil tanker in the Red Sea.
- Only two vessels transited the Strait of Hormuz on Wednesday, down from eight the previous day.
- Only one commodity vessel transited Bab el-Mandeb on Wednesday, compared to 20 on Tuesday.
- Analysts describe the current threats to shipping as the worst safety situation since the Iran war.
Vessel traffic at the Strait of Hormuz and the Bab el-Mandeb Strait saw a significant drop on Wednesday, following a Houthi claim of a missile strike on a Saudi oil tanker in the Red Sea. According to ship-tracking data, only two vessels transited the Strait of Hormuz on Wednesday, a sharp decline from eight the previous day. Similarly, traffic at the Bab el-Mandeb strait, a critical chokepoint connecting the Red Sea to the Arabian Sea, fell to just one commodity vessel on Wednesday, down from 20 on Tuesday. The Iran-aligned Houthi group stated they conducted a military operation targeting the Saudi-flagged tanker 'Wafaa' with ballistic missiles. Maritime intelligence firms noted the tanker had been dark since July 19 and likely turned back north after a Houthi blockade announcement. Analysts from security and vessel-tracking firms have warned that the threats to shipping in the Gulf and Red Sea have escalated to their worst level since the Iran war began. Despite the heightened tensions, market sentiment shows cautious optimism for a rebound in oil and gas flows, as Iran and Oman are reportedly nearing an agreement on the joint management of the Strait of Hormuz. Iran's foreign ministry spokesman indicated the deal with Oman is in its final stages.