Key facts
- Commodity vessel transits through the Strait of Hormuz increased to 10 on Wednesday from 8 on Tuesday.
- The traffic remains below the 10-day average of 15 vessels.
- Qatar and Oman are engaged in diplomatic efforts with Iran regarding the Strait of Hormuz.
- Another tanker was struck by a projectile in the Strait of Hormuz.
- Qatar's Prime Minister is visiting Tehran to discuss reopening the Strait.
- LNG cargoes are being transferred via ship-to-ship methods outside the Strait due to ongoing crisis.
Commodity vessel traffic through the Strait of Hormuz saw a slight increase to 10 transits on Wednesday, up from eight the previous day, though this remains below the 10-day average of approximately 15 vessels. This uptick occurs amid diplomatic initiatives by Qatar and Oman aimed at discussing temporary corridors or the potential reopening of the vital oil and gas chokepoint with Iran. Despite these diplomatic efforts, the situation remains tense, with another tanker reportedly struck by an unidentified projectile. Qatar's Prime Minister is scheduled to visit Tehran to discuss the reopening of the Strait of Hormuz, with discussions expected to focus on Qatar's mediation role and developments concerning the strait. Meanwhile, Qatar and the UAE continue to utilize ship-to-ship transfers for LNG cargoes outside the Strait of Hormuz due to ongoing crisis, a practice unusual for LNG but employed to circumvent disruptions. Qatar and Kuwait have managed to restore approximately 70% of their pre-war crude oil export levels via the Strait, increasing total oil flows to an estimated 7-8 million barrels per day, up from around 4 million barrels per day in mid-July. Oil prices experienced a decline on Thursday as markets reacted to the possibility of a diplomatic breakthrough.