Hormuz tanker crossings hit lowest level since May amid US-Iran tensions

The number of tankers traversing the Strait of Hormuz has dropped to its lowest level since May 7, with only one crossing recorded on July 23, according to data reports. This decline is attributed to the ongoing 2026 Strait of Hormuz crisis, fueled by the U.S.-Iran conflict in the Gulf. The situation has been exacerbated by Iranian attacks on vessels and a resumed U.S. blockade on Iran-related shipping, leading to a significant reduction in traffic through this crucial maritime passage. The near-standstill in commercial shipping indicates heightened tensions and a potential escalation in the conflict. Markets have responded to the situation with adjustments in future expectations for traffic normalization through the strait. The market for “Strait of Hormuz traffic returns to normal by September 30” currently prices a 21.5% probability of normalization, reflecting concerns over the prolonged disruption. This pricing has seen little change over the past week, indicating a persistent view that conditions may not improve in the immediate future. Key Takeaways The decline in tanker crossings appears consistent with worsening conditions in the Strait of Hormuz due to the U.S.-Iran confl...