Oil and gas shipments through the critical chokepoint have nearly stopped following renewed missile strikes and ceasefire termination.
Tanker traffic in the Strait of Hormuz has effectively halted after the U.S. and Iran resumed missile exchanges and President Trump declared the ceasefire over. Only one sanctioned crude carrier and an Iranian container ship were observed moving through the waterway today, down from heavy traffic two weeks ago.
The strait, which handles about 20% of global oil supplies, saw near-normal flows before the escalation. Analysts had expected minimal disruption during the ceasefire, but tensions flared after Trump labeled Iranian leadership “scum” and “liars.”
Markets are monitoring the situation closely, with Brent crude futures rising 2.3% in early trading as supply risks intensify.