Commercial traffic through the Strait of Hormuz has fallen sharply as the latest escalation between Iran and the United States threatens one of the world’s most important energy corridors.
Shipping data cited by Reuters showed only six commodity vessels passing through the strait in the latest 24-hour period, compared with a 10-day average of 12.
The decline comes as Iran and the United States exchange attacks involving oil tankers and other maritime targets.
The Strait of Hormuz is particularly important to the Gulf because it carries large volumes of crude oil, petroleum products and liquefied natural gas from producers including Saudi Arabia, Iraq, Kuwait, Qatar and the UAE.
Any prolonged disruption would have consequences far beyond the Gulf. Higher shipping insurance premiums, longer routes and tighter energy supplies could push up costs for businesses and consumers around the world.
The latest figures are therefore being watched closely by governments, shipping companies, energy traders and Gulf businesses.
