US and Iran resume military operations in Strait of Hormuz

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US-Iran Tensions Impact Strait of Hormuz Shipping

Shipping activity in the Strait of Hormuz has decreased significantly due to renewed tensions between the US and Iran. According to Lloyd’s List Intelligence, no vessels above 10,000 deadweight tons have crossed the strait via the US-coordinated route since July 7, with only five vessels tracked on Wednesday and Thursday morning. In contrast, approximately 45 vessels transited the strait daily before the start of the war in late February.

The decrease in shipping activity is attributed to a “cautious posture” among shipping lines amid an “elevated threat environment,” according to United Kingdom Maritime Trade Operations. The situation has raised concerns about the potential for sustained disruptions to global energy supplies.

Iran reported multiple explosions in the south of the country on Thursday, following US strikes on dozens of Iranian targets on Wednesday and Tuesday. A US official stated that US forces were not behind the latest attacks, which have yet to be claimed by a particular country or group.

Despite the tensions, oil prices remained relatively stable on Friday, with Brent crude holding steady at $76.37 per barrel. The price stability is attributed to confidence in the market’s expectation of a stabilization of the situation in the Middle East.

However, experts predict that the latest hostilities will exacerbate upward pressure on oil prices as inventories dwindle in the coming weeks. Bart Melek, global head of commodity strategy at TD Securities, expects Brent crude to move $10-$15 higher into the summer due to dwindling oil and product inventories.

Source: Al Jazeera