Shipping through the Strait of Hormuz slowed further on Wednesday as vessel operators became increasingly cautious over rising security threats and uncertainty surrounding Iran’s control of the strategic waterway. The latest slowdown comes at a time when the Strait remains critical to global energy supplies, with shipping companies closely watching developments before deciding whether to enter or leave the Persian Gulf.
Ship-tracking data from Kpler showed that only six commodity vessels passed through the Strait on Tuesday, according to Reuters. That was down from nine crossings recorded on Monday and below the 10-day average of 11 commodity vessels moving through the waterway. The figures highlight the growing hesitation among ship operators as concerns over the safety of commercial vessels continue to mount.
The vessels that did make the journey took different routes and included an empty crude oil supertanker and two smaller tankers entering the Gulf through a lane near Oman. Two medium-range fuel tankers and a post-Panamax vessel also travelled outbound through Hormuz. The uneven movement of vessels reflects the uncertainty facing shipping companies as they assess security risks before committing to the route.
Tensions intensified after a cargo vessel was reportedly struck by an unknown projectile while travelling through the Strait early Tuesday. The United Kingdom Maritime Trade Operations confirmed that it had received a report of an incident involving a cargo vessel conducting an outbound transit. The incident has added to concerns among tanker operators, particularly as vessels have reportedly been changing course or making U-turns while trying to determine whether it is safe to proceed.
While the United States maintains that the Strait of Hormuz remains open to commercial traffic, Iran continues to insist that the strategic chokepoint is closed. The conflicting positions have created further uncertainty for global shipping and energy markets. With tanker movements becoming increasingly erratic, crude oil prices extended their gains for a fourth consecutive day on Wednesday as traders reacted to the possibility of prolonged disruption and rising tensions between Iran and the United States.
source: Oilprice
