Hormuz escalation halts oil exports

The Strait of Hormuz, one of the most vital passages for global energy and trade, experienced significant disruptions following escalations in military operations between the United States and Iran. This led to a slowdown in ship movements and a substantial drop in oil exports. After a temporary improvement in navigation following the signing of a memorandum of understanding in June, tensions resurfaced in July, causing the price per barrel of oil to jump from around $72 to over $91 due to military escalation, including attacks on oil tankers and the re-imposition of a naval blockade on Iran. During the period from early July until the resumption of military operations, the number of tankers passing through decreased from about 35 ships daily to 14, with daily oil exports falling from approximately 13 million barrels to 4 million barrels. This reflects the significant impact of these tensions on the global energy markets.

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