Maritime traffic through the Strait of Hormuz has sharply declined following a series of tit-for-tat strikes between the US and Iran. On Wednesday, only 23 tankers and cargo ships traversed the waterway, a significant drop from 47 just a week prior. Before the recent conflict, an average of 138 ships passed through the strait daily. This critical chokepoint handles over one-fifth of the world's oil and gas supplies, as well as essential fertilizer and other goods, making the disruption a major concern for global energy markets.
Three ships were attacked this week while using a US-recommended route through Omani waters: a Qatar-owned liquefied natural gas (LNG) tanker, a Saudi-owned crude oil tanker, and a Liberia-flagged crude tanker. This Omani route had previously gained popularity, even surpassing the Iranian route with a peak of 28 vessels on June 25. However, following the attacks, no ships used this route on Wednesday, down from three the day before and an average of 10 daily in the week prior to the incidents. The increased risk has led some war underwriters to advise shipping companies to halt voyages, and others are reviewing their policy terms.
The recent events jeopardize a fragile truce and an MoU signed between Iran and the US on June 17. The agreement committed Iran to facilitate safe commercial vessel passage for 60 days and to dialogue with Oman regarding future administration and maritime services in the strait. However, Iran maintains its right to control movement and introduce fees for passage, a stance opposed by the US and its allies who advocate for free passage. Critics noted the MOU's vagueness, particularly regarding the Strait of Hormuz, and argue it does not permit attacks on civilian shipping in Omani waters.
