TRUMP SAYS HORMUZ OPEN AS SHIPPING FALLS – Oil markets remain on edge as vessels avoid key waterway
President Donald Trump says the Strait of Hormuz is open but shipping data suggests traffic remains severely restricted.
The waterway has become a major flashpoint in the conflict with Iran. A temporary ceasefire expired earlier this week, while Tehran has warned it could adopt a more offensive military posture if diplomacy fails.
Despite Trump’s claim, only six commodity vessels crossed the strait on Tuesday, down from nine the previous day and dramatically below the more than 130 vessels a day recorded before the war.
The disruption is keeping energy markets on edge. Hormuz normally handles around 20 million barrels of oil a day, equivalent to roughly a quarter of global seaborne oil trade, as well as significant LNG shipments. Oil prices climbed to a three-week high as investors weighed the risk of prolonged disruption.
Recent attacks and threats around the waterway have further increased insurance and operating risks for vessels attempting to transit.
