Hormuz Strait weekly vessel traffic drops nearly 50%, Brent crude approaches $92/barrel

Odaily Planet Daily News: As the US-Iran conflict enters its tenth day, Brent crude oil briefly reached $91.63/barrel on Tuesday before retreating to $91.26/barrel at 5 PM Eastern Time. The US benchmark West Texas Intermediate crude rose 2.3% to $84.38/barrel.

Shipping through the Strait of Hormuz continues to be disrupted, with vessel traffic falling to 127 ships in the week ending July 19, a nearly 50% decline from 248 ships in the week ending July 12. Indian state-owned refiners Indian Oil and Mangalore Refinery and Petrochemicals have suspended crude oil loading from Iraq.

Maritime intelligence data shows that the US Navy escort corridor has been largely abandoned, with vessel operators primarily rerouting through the northern channel of Iran. Goldman Sachs estimates that crude oil shipments from the Persian Gulf have fallen to less than 45% of pre-conflict levels.