BlockBeats news: On July 24, amid escalating shipping risks in the Middle East, tanker traffic through the Strait of Hormuz fell to its lowest level in two and a half months, prompting oil prices to rise again to around $100 per barrel.
Shipping tracking data shows that only one tanker passed through the Strait of Hormuz on July 23, the lowest level since May 7. In comparison, three tankers passed through on July 22.
Data shows that the Very Large Crude Carrier (VLCC) New Giant departed the Strait of Hormuz that day, carrying approximately 2 million barrels of Iraqi Basra crude oil, with an expected arrival at Rizhao Port, China, in mid-August. No vessels entered the strait that day.
The U.S. military stated that it has completed its 13th consecutive night of military strikes against Iran, further heightening market concerns over the security of energy transportation in the Middle East.
Meanwhile, shipping activity in the Strait of Mandeb has resumed. On July 23, a total of 32 tankers passed through the strait, up from 26 the previous day, with 14 heading into the Red Sea and 18 toward the Gulf of Aden.
Due to regional risks, some oil tankers are adjusting their routes. Data shows that some tankers bound for Asia are opting to detour through the Suez Canal instead of the traditional route via the Bab el-Mandeb Strait, potentially extending their journey by nearly three times.
In addition, Aramco has begun offering additional crude oil loading options via the Sidi Kerir port on Egypt’s Mediterranean coast to replace shipments from Red Sea ports, reducing the impact of regional conflicts on exports.