Shipping Through Strait of Hormuz Plummets Amid US-Iran Tensions

Recent data reveals a significant decline in shipping activity through the Strait of Hormuz, with only seven vessels making the journey on Thursday, the lowest count in weeks. This steep drop follows a stagnation in US-Iran peace negotiations, with just three vessels departing the Gulf and four entering, compared to 14 the previous day.

Historically, this waterway has seen around 130 to 140 vessels transit daily. However, since the outbreak of conflict on February 28, those numbers have drastically dwindled, raising concerns over global energy supply.

Oman is attempting to mediate a resolution, emphasizing that lasting security hinges on establishing peace in the region. Meanwhile, oil flows had surged to an average of 6.1 million barrels per day prior to the expiration of a recent ceasefire, a stark contrast to the 2.3 million barrels per day recorded earlier.

In a bizarre twist, former President Donald Trump claimed on social media that the strait is now “new US territory,” despite the evident transport challenges. He vowed to impose severe sanctions on Iran, which Tehran has denounced as “economic terrorism.”

As tensions rise, Iran's parliamentary speaker stated that the Strait will remain closed until the US meets specific conditions, including lifting sanctions and releasing frozen assets. Analysts caution that Trump's inflammatory rhetoric could jeopardize diplomatic relations, particularly with Oman, which has been pivotal in bridging US-Iran dialogues.

Source: www.independent.co.uk