Middle East Oil Flows Jump as Hormuz Security Concerns Ease
Tankers at the Khor Fakkan Container Terminal, in the Sharjah Emirate along the Strait of Hormuz.
Photographer: Giuseppe Cacace/AFP/Getty Images
Oil tanker traffic through the Strait of Hormuz rebounded as concerns about security in the vital waterway eased following the US-brokered ceasefire between Iran and Israel.
The number of tankers leaving the Persian Gulf doubled on Tuesday compared with Monday, according to vessel tracking-data compiled by Bloomberg. Flows via the narrow strait between Iran and Oman — which handles more than a fifth of the world’s oil trade — had dropped after missile exchanges between Iran, Israel and the US.