Traffic through "Hormuz" drops to its lowest level in over two months

Kpler analysts Emmanuel Belostrino and Yui Torikata wrote in a note issued on October 6, "Crude oil volumes transiting the strait fell by 27% from their wartime peak the previous week, reaching at least 10.1 million barrels per day."

They added, "This represents a return to the September average, but it represents 74% of the pre-war level."

They explained that most of this decline came in ship-to-ship transfers in the Gulf of Oman, where cargoes are transferred between tankers.

However, exports from the Gulf of Oman and Red Sea coasts rose to 6.7 million barrels per day, more than double pre-war levels, the analysts said, offsetting the supply deficit from the Strait of Hormuz.

They added that this helped keep total crude oil exports from the Middle East at pre-war levels.

Data showed that the number of ships crossing the strait rose slightly to ten on Wednesday, but remained well below the daily count that exceeded 20 ships on Sunday and Monday.

The number of ships entering the strait exceeded those exiting over the past two days.

The figures do not include ships that cross the strait with their Automatic Identification System (AIS) transponders turned off to avoid detection.

London Stock Exchange Group data on total ships crossing the strait showed the number reached eight on Tuesday, split evenly between those entering and exiting, down from 14 ships the previous day.

The London Stock Exchange Group added that these ships included five oil tankers and the liquefied natural gas (LNG) carrier (Al-Mafyar), which was loaded in Ras Laffan, Qatar, and was scheduled to head to Port Qasim in Pakistan.

Attacks on tankers passing through the Strait of Hormuz reached their highest level last week since the start of the Iran war, according to maritime security sources tracking the incidents, at a time when Gulf producing countries have intensified their export efforts.

In the latest incident, the United Kingdom Maritime Trade Operations (UKMTO) stated yesterday, Wednesday, that projectiles struck a tanker 51 nautical miles north of the Qatari city of Al Shamal, with reports of casualties.

Before the outbreak of the Iran war on February 28, about 125 large commercial ships passed through the strait daily, including oil tankers, gas carriers, bulk carriers, and container ships. Their shipments accounted for one-fifth of global crude oil and LNG supplies.