Chevron CEO reports multiple vessel attacks in the Strait of Hormuz, cutting shipping traffic to 10% of pre-war levels.
Multiple commercial ships have been attacked this week in the Strait of Hormuz, a critical chokepoint for global oil transport, according to Chevron’s CEO. The incidents, previously unreported, have paralyzed shipping traffic, reducing it to roughly 10% of its normal volume. The strait typically handles 20% of the world’s petroleum shipments, raising concerns over supply chain disruptions.
Prior to the attacks, shipping activity in the region had already declined due to heightened geopolitical tensions. Diplomatic efforts have so far failed to restore normal operations, leaving the channel vulnerable to further disruptions. The latest incidents underscore persistent risks despite ongoing negotiations.
No immediate market reaction was detailed, but the reduction in traffic could tighten global oil supplies if the situation persists.