A single tanker transit through the key chokepoint lifts crude prices above $100 as geopolitical risks escalate.
Oil tanker traffic through the Strait of Hormuz fell to its lowest level since early May, with just one vessel crossing Thursday amid heightened war risks. The decline from three transits the previous day pushed crude prices back above $100 per barrel, according to vessel-tracking data.
The last comparable drop occurred on May 7, when similar geopolitical tensions disrupted regional shipping. Analysts had expected steady flows of 3-4 tankers daily, but Thursday’s single transit marked a sharp deviation from recent norms.
The New Giant, a supertanker carrying 2 million barrels of Iraqi Basrah crude, was the sole vessel to exit the strait, bound for China’s Rizhao port.