How a 95 percent drop in Hormuz traffic changed global shipping
Summary
The Strait of Hormuz, a narrow passage key to global shipping, has seen a drastic drop in vessel traffic from over 100 ships a day to only five since the United States-Israel war on Iran began. This reduction has caused major disruptions in the global movement of oil, gas, and goods, as about 80 percent of world trade depends on ships passing through such routes.Key Facts
- The Strait of Hormuz is a 33 km (21 miles) wide passage important for shipping.
- Before the conflict, about 100 vessels passed through it daily; now only about five do.
- Around 80% of the world's trade by volume moves through maritime shipping.
- The Strait carries more than one-third of the world’s seaborne crude oil and significant amounts of gas products.
- Crude oil exports from the Gulf region have dropped by 47%, from 17 million barrels to about 9 million barrels a day.
- Direct crude oil exports via the Strait have fallen to an average of 2.2 million barrels per day.
- Different types of ships pass through the Strait, including oil tankers, container ships, dry bulk carriers, and Ro-Ro ships (which carry wheeled cargo).
- The Strait has no alternative maritime route, making its closure uniquely disruptive to global trade.
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