Hormuz Strait Sees Reduced Traffic
Ship traffic through the Strait of Hormuz has significantly declined, with only 3 ships passing through in a single day—a decrease of 80% from the normal rate over the past ten days, when the average was 15 ships per day. This decline reflects a continued disruption of one of the most vital corridors for global oil and gas trade, which before the crisis transported around 20% of the world's oil and gas supplies. This situation is affecting energy markets, transportation costs, and maritime insurance. At the same time, the number of ships passing through the Bab el-Mandeb Strait has decreased by 15%, with 22 ships crossing compared to an average of 26 over the past ten days, amidst rising tensions between the United States and Iran.
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