Data on ship signals indicate a significant decrease in the number of passing vessels, with only two commercial cargo ships recorded in the last 24 hours, pointing to an almost complete halt of commercial navigation, JMIC reports.
The Strait of Hormuz, a crucial route for transporting various raw materials, including oil and fertilizers, is under threat due to military conflicts in the Middle East. As a result, dozens of fully loaded oil and gas tankers remain in the Persian Gulf, as passage through the strait is considered extremely risky, especially after attacks on several vessels.
Iranian Foreign Minister Abbas Araghchi stated on Thursday that Iranian armed forces are not currently blocking the Strait of Hormuz, but such a possibility cannot be ruled out in the future. He added that ships are hesitant to enter the area, and earlier Iranian military officials warned of their readiness to sink vessels if they attempt to pass through the strait.
This week, the United States announced its intention to offer naval escorts for vessels, as international insurers began to limit their offers for military risk insurance. However, shipowners have not yet received sufficient guarantees, according to Bloomberg agency information.
Against this backdrop, the price of Brent crude oil reached its highest level since July 5, 2024, recovering after a decline at the start of trading. On the London ICE Futures Exchange, the price of May futures for Brent as of 12:54 Moscow time is $87.21 per barrel, which is $1.80 (2.11%) higher than the close of the previous trading session.
WTI oil futures for April delivery on the New York Mercantile Exchange (NYMEX) are also showing an increase, rising by $3.52 (4.35%) to $84.53 per barrel.
