Hormuz Strait Shipping Plunges 92% as US-Iran Military Tensions Escalate, Oil Hits Highest Since Mid-June

According to CNBC, citing shipping intelligence firm Kepler, vessel traffic through the Strait of Hormuz dropped to just 8 ships on July 17, down 92% from over 100 vessels daily before the conflict. Dimitris Maniatis, CEO of maritime risk management firm MarRisk, described the situation as reverting to a "worst-case scenario," with crew fears now overriding financial incentives.

Brent crude for September delivery closed at $88.10 per barrel, while U.S. crude (WTI) for August settlement ended at $82.49—both marking the highest levels since mid-June and up more than 20% since the conflict began. The escalation reflects ongoing U.S. airstrikes on Iranian military facilities near the strait and Iranian counterattacks on U.S. bases in Kuwait.