After the resumption of hostilities between Iran and the US, shipping through the Strait of Hormuz sharply decreased. According to information from Bloomberg, there was almost no traffic on the main route on July 9 — only one supertanker exited the Persian Gulf.
The decrease in activity began on July 8. Within 24 hours, about 20 vessels passed through the strait in both directions, whereas after the resumption of navigation, the average was 34 vessels per day. Before the start of the conflict, approximately 135 vessels passed through the Strait of Hormuz daily.
Despite this, Iran continues to export oil. Over the past 24 hours, five tankers transported about 11 million barrels of oil. However, it is not yet known whether these volumes will be sold, as the US canceled the temporary license that allowed the purchase of Iranian oil, and sanctions are again fully in effect.
Amid these events, the price of Brent crude oil, after jumping above $80 per barrel, fell to approximately $76.8 per barrel.
According to analysts at ING Bank, before the escalation began, approximately 6-7 million barrels of oil were exported daily by sea from Persian Gulf countries. To return to previous supply volumes, exports would need to increase to approximately 14 million barrels per day, with Saudi Arabia and the United Arab Emirates already having rerouted some supplies via pipelines.
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