Due to escalating shipping risks in the Middle East, oil tanker traffic through the Strait of Hormuz has dropped to its lowest level in two and a half months, pushing oil prices back toward $100 per barrel. Vessel tracking data shows that only one oil tanker passed through the Strait of Hormuz on July 23, compared to three on July 22. The very large crude carrier New Giant departed the Strait of Hormuz on that day, carrying approximately 2 million barrels of Iraqi Basra crude. The U.S. military completed its 13th consecutive night of military strikes against Iran. A total of 32 oil tankers passed through the Bab el-Mandeb Strait on July 23, up from 26 the previous day. Some tankers bound for Asia are rerouting via the Suez Canal. Saudi Aramco has begun offering additional crude loading options through the Port of Suez in Egypt.
Tanker traffic through the Strait of Hormuz falls to two-month low amid regional tensions
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Summary
Tanker traffic through the Strait of Hormuz dropped to a two-month low on July 23, with only one vessel passing through, compared to three the previous day. On-chain data shows oil prices rebounded to $100 per barrel amid the slowdown. Meanwhile, 32 tankers passed through the Bab-el-Mandeb Strait, up from 26. Some tankers bound for Asia are rerouting via the Suez Canal. Saudi Aramco is now offering additional crude loading options through Egypt’s Suez Port. Altcoins to watch may react to energy market shifts as traders monitor geopolitical developments.
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