Strait of Hormuz Traffic Hits Three-Month Low Despite Trump Claims
· World · CNBC, The Independent, New York Times
U.S. President Donald Trump claimed the Strait of Hormuz is open and operating while ruling out fresh negotiations with Tehran following the expiration of a temporary ceasefire. Shipping traffic through the critical energy waterway has dropped to a five-day average of just 10 vessels, marking the lowest level since May according to analytics firm Kpler data. A cargo ship was attacked while exiting the strait in Omani territorial waters along the southern route, resulting in one crew member's death despite U.S. military assistance. Brent crude remained elevated above $91 a barrel, and U.S. West Texas Intermediate futures rose 0.52% to $85.38 during early Asia trading hours. Simultaneously, U.S. Treasury yields climbed to multi-decade highs as the federal fiscal deficit reached $432.3 billion in July, its highest monthly total since March 2021.
Why it matters
Disruptions in the Strait of Hormuz directly threaten global crude supplies and drive up energy prices, impacting oil importers worldwide.
Read the original report — CNBC
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