Hormuz Tanker Crossings Sink to Lowest Level Since May as War Risk Spikes
Only one oil tanker transited the Strait of Hormuz on Thursday, the lowest number of crossings since May 7, as war risks spiked this week to hike crude oil prices above $100 per barrel again. Three tankers transited the Strait of Hormuz on Wednesday, but this number crumbled to just one on Thursday,
Source: OilPrice.com
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DW NOTE
The Strait has been closed for 34 days. Tanker crossings falling to a seven-week low is not a spike in risk — it's the slow realisation that a US-Iran agreement to reopen means nothing if neither side enforces it. Twenty million barrels a day used to move through that channel. Now they don't, and oil is still only up 26% on the month.