Middle East Oil Routes Under Pressure as Hormuz Traffic Tumbles
The number of commodity vessels observed to have transited the Strait of Hormuz crumbled to single digits this weekend, and risks to supply from the Middle East soared after Saudi Arabia shut down the key East-West pipeline it uses to ship crude from the Red Sea to bypass Hormuz. The number of commo
Source: OilPrice.com
―
DW NOTE
The Strait of Hormuz carried a fifth of the world's oil before Iran closed it in February. It now carries almost nothing — six ships on September 6 versus the usual 85 per day. The IEA projects global supply down 5.7 million barrels this year. Markets have had seven months to price this in, yet WTI is still 11% below its 2026 high, which tells you everything about demand destruction.