Shipping Through Hormuz Drops Sharply as Tensions Rise

Vessel traffic through the Strait of Hormuz has declined this week from the prior week amid uncertainty about the U.S.-Iran talks and the potential reopening of the Middle East’s key oil and LNG chokepoint. Between Monday and Thursday, a total of 33 vessels transited the Strait of Hormuz, down from 50 for the same days last week, according to ship-tracking data monitored by Reuters. On Thursday, as the market was expecting a draft Iran-Oman proposal for management of the Strait, four vessels moved through Hormuz, per Kpler data. Only six…