Shipping traffic in the Strait of Hormuz has fallen to a trickle

On Tuesday, October 6, only seven cargo ships passed through the Strait of Hormuz, which turned out to be the lowest figure in more than two months. This was reported by Reuters with reference to Kpler data.

The result achieved at the beginning of the second month is the lowest since July 23, analysts said. Experts linked the decrease in traffic intensity through the key logistics artery in the Middle East to the increased frequency of attacks from Iran and the Yemeni Houthi rebels.

At the end of September, according to the Marisks company, at least 7 similar incidents were recorded in the Middle East. The alarming trend continued in October. The attacks intensified against the backdrop of growing exports of raw materials from the Gulf countries, market participants explain. Against this background, a number of shipowners chose to postpone passage through the strait.

Increasing attacks on merchant ships in the Strait of Hormuz have become one of the main reasons for the rapid rise in oil prices. During trading on Thursday, October 8, commodity quotations reached their highest since September 29 and consolidated around $104 per barrel.