Middle East Crisis • Oil Market

Analysis Company: Traffic in Hormuz Has Plunged 90 Percent

Tanker traffic through the Strait of Hormuz has plummeted by 90 percent since the US and Israel launched attacks on Iran. This is stated by the energy analysis company Kpler on X, according to AFP.

The Iranian military has stated that traffic through the strait, which handles about a fifth of the world's crude oil exports, has been completely choked. According to Kpler, however, some ships continue to take the risk.

"Unlike several other shipping segments where traffic has largely ceased, some tankers are still traveling east and west through the strait, and several trips are made with AIS transmitters turned off," writes Kpler's shipping analyst Matt Wright.

Bessent promises measures to stabilize the oil market – price falls back

US Treasury Secretary Scott Bessent says that the US will soon present several measures to secure oil transport through the Persian Gulf, in light of the increased geopolitical tensions.

– We have a number of announcements that we will make, he says on CNBC and adds that authorities will offer insurance for crude oil tankers and cargo ships in the area.

The aim is said to be to stabilize one of the world's most important energy routes.

The oil price falls back to 81 dollars per barrel.