Shipping Through Hormuz Nearly Ground to a Halt After New Attacks on Tankers
Over the weekend, traffic through the Strait of Hormuz sharply declined. According to Kpler, only 5 cargo ships passed through the strait on Saturday, and none on Sunday. In the same period the previous week, 31 vessels had transited. Before the conflict, more than 130 ships passed through Hormuz daily.
The decrease in activity followed new attacks on ADNOC tankers. The UAE has accused Iran of a third attack on the company's vessel. Meanwhile, negotiations between the U.S. and Iran have stalled again, with Tehran stating that traffic will not return to normal until Washington meets its demands.
In this context, Brent crude rose to about $89 per barrel, gaining over 5% in the previous week.
This news is directly related to the market: "Will the Strait of Hormuz return to normal by September 30?" Currently, the actual situation has gone in the opposite direction: instead of recovery, traffic has nearly stopped again.
