The number of cargo ships passing through the strategically vital Strait of Hormuz this week reached its lowest level since tensions in the region intensified.
According to preliminary vessel-tracking data released on Thursday (16) by Kpler, a company specializing in global navigation data, only three cargo ships crossed the strategic waterway on Wednesday, compared with approximately twelve the day before.
The company notes that this figure represents a huge drop when compared with the average traffic volume over the previous ten days, which was about seventeen ships per day.
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According to specialized sites, navigation sector sources clarified that these numbers and statistics account only for vessels that were visually detected, i.e., they exclude ships that may have transited the Strait with their transponders off. This practice is an attempt to avoid detection and mitigate potential safety risks to cargo ships.
The data released on Wednesday indicate that, of the three monitored crossings, only a single empty “Supramax” [large bulk carrier] ship entered the Strait via the Iranian route.
Oil at US$ 150?
This Thursday (17), Matt Stanley, head of Market Engagement for Europe, the Middle East and Africa at Kpler, commented on CNBC that the rise in oil prices is becoming structural. For him, the price of a barrel at US$ 150 is still on the table for 2027, and price pressures are no longer short-term
Stanley also said that Europe may be the first to feel the pressure caused by the rising strain on diesel and aviation fuel, since refinery capacity is limited and disrupted flows of the Red Sea and Hormuz threaten to push pump prices higher.
One caveat is that these higher prices could dampen demand, offering some temporary relief.
