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The White House agreed last week to temporarily waive its sanctions to allow India to buy Russian oil stranded at sea.
“The situation prompted the U.S. to grant a sanction waiver on Indian buyers of crude, so they could absorb some Russian crude sitting on tankers in the waters of the coast of Asia.”
The narrow waterway south of Iran is one of the world’s most important trade arteries, through which a fifth of global oil and seaborne gas is shipped from production facilities and refineries in the Gulf to buyers around the world.
“the strait handles about a fifth of global oil trade.”
The strait carries just over 20m barrels of oil a day, making it the busiest oil route after the strait of Malacca between Malaysia and Indonesia.
The situation prompted the U.S. to grant a sanction waiver on Indian buyers of crude, so they could absorb some Russian crude sitting on tankers in the waters of the coast of Asia.
“The situation prompted the U.S. to grant a sanction waiver on Indian buyers of crude, so they could absorb some Russian crude sitting on tankers in the waters of the coast of Asia.”
There are several dozen tankers stranded near Hormuz, some have become the target of attacks, and insurers have pulled war insurance, contributing to the paralysis of energy trade in the world’s biggest oil-producing region.
“There are several dozen tankers stranded near Hormuz, some have become the target of attacks, and insurers have pulled war insurance, contributing to the paralysis of energy trade in the world’s biggest oil-producing region.”
Announcements by the U.S. president that the federal government would step in to provide insurance coverage have yet to have an effect.
“Announcements by the U.S. president that the federal government would step in to provide insurance coverage have yet to have an effect.”
President Trump also said the U.S. Navy would escort tankers in the strait earlier this week but soon after took it back, after the Navy itself said there was “no chance” of such escorts, per a Lloyd’s List report.
“President Trump also said the U.S. Navy would escort tankers in the strait earlier this week but soon after took it back, after the Navy itself said there was “no chance” of such escorts, per a Lloyd’s List report.”
The strait handles about a fifth of global oil trade.
“the strait handles about a fifth of global oil trade.”
The agency has estimated the regional maritime risk environment as critical, extending this assessment over the next 48 hours, with no confirmed indicators of de-escalation.
“The agency has estimated the regional maritime risk environment as critical, extending this assessment over the next 48 hours, “with no confirmed indicators of de-escalation.””
There has been no formal declaration for the closure of the Strait of Hormuz.
“there has been no formal declaration for the closure of the Strait of Hormuz”
Neither of the two vessels that passed the strait were tankers.
“neither of the two vessels that passed the strait were tankers.”
This represents a near-total temporary pause in routine commercial traffic, resulting from ongoing regional conflict dynamics involving Iran, including warnings against transits by U.S., Israeli, European, and allied vessels.
““This represents a near-total temporary pause in routine commercial traffic, resulting from ongoing regional conflict dynamics involving Iran, including warnings against transits by U.S., Israeli, European, and allied vessels,” the JMIC noted in its report.”
Vessel traffic through the Strait of Hormuz has dropped from an average of 138 ships a day to just two in the 24 hours to Thursday.
“Vessel traffic through the Strait of Hormuz has dropped from an average of 138 ships a day to just two in the 24 hours to Thursday”
In 2024, more than 80 percent of the oil and gas transported through the Strait of Hormuz went to Asia.
The Strait of Hormuz carries a fifth of the world’s oil and a significant amount of natural gas.
“the strait handles about a fifth of global oil trade.”
Every day, around 80 oil and gas tankers typically pass through the Strait of Hormuz.
On Monday, just two oil and gas tankers appear to have crossed the strait, according to a New York Times analysis of shipping activity from Kpler.
“Vessel traffic through the Strait of Hormuz has dropped from an average of 138 ships a day to just two in the 24 hours to Thursday, the Joint Maritime Information Center has reported. The center noted that neither of the two vessels that passed the strait were tankers.”
A U.S. official said there was no evidence Iran was attempting a military blockade of the waterway.
The Iranian military cautioned vessels on Saturday to avoid the strait, saying that passage through it was 'currently unsafe.'
One of the world’s most vital maritime arteries saw a 70 percent drop in vessel traffic.
“Vessel traffic through the Strait of Hormuz has dropped from an average of 138 ships a day to just two in the 24 hours to Thursday”