Hormuz Tanker Transits Crash to Single Digits as Crisis Deepens
Only nine commodity carriers passed through the Strait of Hormuz on Thursday, eight of them exiting the waterway, Reuters reported in its now regular update on tanker numbers in the strait. The Thursday total is a further decline on already depressed numbers that have now gone from double to single
Source: OilPrice.com
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DW NOTE
Hormuz averaged 100+ transits weekly before Iran closed it in February. The June ceasefire lasted six weeks. Now it's back to single digits and Brent is only 9% below its yearly high — which tells you the market still thinks this ends cleanly. It won't.