Hormuz Strait Traffic Drops 50% to 127 Vessels; Brent Crude Declines to $91.26/bbl

According to Odaily, ship traffic through the Hormuz Strait fell nearly 50% to 127 vessels during the week ended July 19, down from 248 vessels the previous week, amid escalating U.S.-Iran tensions. Brent crude declined to $91.26 per barrel, while West Texas Intermediate rose 2.3% to $84.38 per barrel.

Indian state refiners Indian Oil and Mangalore Refinery and Petrochemicals have suspended crude loadings from Iraq. Maritime intelligence data indicates U.S. Navy escort corridors have been largely abandoned, with operators rerouting through northern routes. Goldman Sachs estimates Persian Gulf crude exports have fallen below 45% of pre-conflict levels.