Hormuz Tanker Traffic Hits Two-Month Low as Attacks Surge
The number of tankers traversing the Strait of Hormuz has dropped to the lowest in two months amid renewed attacks on vessels in the waterway—right after tanker-tracking outlets said oil flows out of Hormuz are back to pre-war levels. “Crude crossing the strait fell 27% from a wartime high the week
Source: OilPrice.com
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DW NOTE
The Strait has been effectively closed for seven months — tanker traffic didn't just hit a two-month low, it's been running at 1% of normal capacity since February. Oil prices are down 15-22% from recent highs despite a 5.7 million barrel per day global supply contraction, which tells you either demand destruction is real or someone's inventory is deeper than advertised.