Oil tanker traffic through the Strait of Hormuz has plunged, but not completely halted following the outbreak of the war in the Middle East, the energy market intelligence firm Kpler said Wednesday."Analysis of vessel activity indicates tanker transits are now around 90 percent lower than last week" through the vital waterway through which a fifth of the world's crude oil supplies transit, the company said on X.
Iranian military officials have claimed to control the waterway that a fifth of the world's crude oil supplies transit and have claimed attacks on ships, but Kpler said some are risking the trip.
"Unlike several other vessel segments where movements have largely ceased, some tankers are still travelling east and west through the strait, with a number of voyages occurring under AIS blackouts," said Kpler Principal Freight Analyst Matt Wright, referring to the marine traffic tracking system.
Crude oil and natural gas prices have spiked higher since the United States began a massive campaign of strikes on Iran in concert with Israeli forces on Saturday.
Tehran has responded with waves of missiles and drones targeting countries in the region that host US military personnel or bases, as well as attacks on several ships.
Iran's Revolutionary Guards said Wednesday they control the Strait of Hormuz and warned any vessels seeking to pass through the waterway risk damage from missiles or stray drones.
US President Donald Trump said Tuesday the US Navy was ready to escort oil tankers through the crucial shipping route, as well as offer insurance.
The world's top shipping companies have announced they will not send their vessels through the Strait of Hormuz and major insurers have pulled war risk coverage.
