Hormuz Strait weekly vessel transits drop nearly 50%, Brent crude approaches $92/barrel

Odaily Planet Daily Report The US-Iran conflict has entered its tenth day. Brent crude reached $91.63 per barrel on Tuesday before retreating to $91.26 per barrel at 5:00 PM Eastern Time. The US benchmark West Texas Intermediate crude rose 2.3% to $84.38 per barrel.

Shipping through the Strait of Hormuz continues to be disrupted. Vessel transits fell to 127 in the week ending July 19, a decrease of nearly 50% compared to 248 vessels in the week ending July 12. Indian state-owned refiners Indian Oil and Mangalore Refinery and Petrochemicals have suspended crude loading operations from Iraq.

Maritime intelligence data shows that the US Navy escort corridor has been almost 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 below 45% of pre-conflict levels.