Shipping traffic through the Strait of Hormuz rebounded Tuesday morning, with eight crossings so far after 40 vessels moved through the critical waterway Monday, according to Kpler data.
The rebound comes after some days of declining traffic following attacks on commercial vessels in the region due to renewed strikes between the U.S. and Iran late last week.
Crossings fell from 76 on Wednesday, June 24, to 59 on Thursday, when the Ever Lovely was attacked.
Traffic then dropped to 50 crossings Friday, 39 on Saturday, when the Kiku was attacked, and just 24 on Sunday before recovering to 40 on Monday.
Of Monday’s 40 crossings, 10 vessels used the southern Omani route, which the U.S. Navy is helping coordinate. Thirty-two of the 40 vessels were large tankers and bulk carriers.
More of Monday’s crossings were east-to-west, meaning ships were moving into the Gulf to load cargo. That carries less insurance risk because vessels are typically entering empty, rather than leaving the Gulf with oil or other cargo aboard.
The traffic rebound suggests shippers are beginning to move again despite weekend attacks, heightened security risks and uncertain diplomatic talks ahead.
The Strait of Hormuz remains one of the world’s most important energy corridors, and any disruption can quickly ripple through oil markets and consumer fuel prices.
Iran has sought to assert leverage over the strait, but new corridors, pipelines and other bypass routes are giving shippers additional options to move cargo around the region.
Gas was at $3.84 on Tuesday morning.
Fox Business' Lauren Simonetti contributed to this report.
Posted by Eric Mack
