Fewer Cargo Ships Cross Strait of Hormuz as Oil Prices Rise
Shipping companies have said the number of cargo vessels passing through the Strait of Hormuz on Wednesday was lower than the average over the previous 10 days.
The decline in traffic was reported as media outlets described rising tensions in the strait, a development that has also pushed up oil prices. According to these reports, Brent crude rose above $101 a barrel for the first time in seven weeks.
The Islamic Republic of Iran has said the Strait of Hormuz will remain closed until the United States changes its behaviour and returns to its commitments under the Islamabad agreement.
The Strait of Hormuz is one of the world’s most important shipping routes for energy transport, and any disruption to vessel traffic through this passage usually has an immediate effect on global oil markets and maritime trade.
