Shipping traffic falls sharply in Strait of Hormuz as Iran war escalates
Oil prices climbed as large-scale fighting resumed in the Middle East.
Shipping traffic in the Strait of Hormuz declined sharply in recent weeks as large-scale fighting resumed in the Middle East, threatening to worsen a worldwide crude shortage, oil data company Kpler said on X on Monday.
The firm said it counted 30 verified tanker crossings over a three-day stretch ending on Sunday, which marked a 72% drop from the same period two weeks earlier.
Gas prices in the United States, meanwhile, topped $4 per gallon on average Monday as oil costs climbed in response to rekindled tensions in the Gulf.
The Iran war prompted closure of the Strait of Hormuz, the maritime trading route that facilitates transportation of about one-fifth of global oil supply. The disruption amounted to one of the largest oil shocks ever recorded.
Last month, oil prices fell to their lowest level since before the late February outbreak of the war. That drop came after a preliminary agreement to resolve the conflict included a provision aimed at restoring traffic in the strait.
The jump in oil prices over recent days came as renewed fighting dampened hopes of an imminent resolution of the war.
"While regional mediation efforts remain under way, commercial shipping patterns suggest military developments are now shaping operational decisions more than diplomatic progress," Kpler said in a post on X on Friday.
Brent crude futures, the benchmark index for worldwide trading, ticked up to nearly $89 a barrel on Monday. That figure marked a roughly 23% increase over the past two weeks, putting crude prices close to their highest level since June 15. Still, global oil prices remain well below a 4-year peak of $126 reached in April.
The U.S. resumed its naval blockade of the Strait of Hormuz last week, reversing a key commitment made as part of the agreement. That move came after Iran fired upon oil tankers in the strait.
President Donald Trump on Sunday said the U.S. hit Iran "hard" in honor of the U.S. service members who were killed by Iran over the weekend.
U.S. Central Command said two service members were killed in an attack on Jordan on Friday, and that a third service member remained missing. Another service member was killed in Iraq on Saturday, CENTCOM said.
Among them was Pvt. Isabella Gonzales, 19, of Carrollton, Texas, the Pentagon said. 1st Lt. Tyler James Feehan, 25, of Ewa Beach, Hawaii, died on July 18, from wounds sustained in the attack the day before.
Speaking to reporters on Monday, Secretary of State Marco Rubio said the current mission centers on responding to Iranian attacks on oil tankers in the strait.
"The only reason why the U.S. is conducting strikes is against assets of Iran that are being used to attack global commercial shipping,” Rubio said.
Rubio touted U.S. efforts to protect ships and restore normal traffic in the strait.
"You hear about the ships that have been struck. You don’t hear about the ones that have been defended and the ones they haven’t been able to launch against,” Rubio said.
On Thursday, Iran Brigadier General Abolfazl Shekarchi said Iran retains control of the strait, claiming the maritime route also belongs to Oman.
Iran will never allow the U.S. to interfere in the Strait of Hormuz, Abolfazl told the IRGC-affiliated Fars News Agency.
ABC News' David Brennan, Shannon Kingston, Claire Bower and William Gretsky contributed to this report.