Windward, a UK-based maritime analytics firm, reported on the 9th that shipping volume through the Strait of Hormuz has plummeted due to ongoing hostilities between the US and Iran, with commercial vessel traffic exiting the Persian Gulf via the strait effectively grinding to a halt.

The Strait of Hormuz accounts for nearly 30% of global seaborne crude oil trade. The sharp drop in traffic and the near-total standstill of commercial vessels leaving the Persian Gulf—triggered by the US-Iran conflict—will significantly tighten the outlook for global crude oil supplies, providing a major boost to both spot and futures prices.

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