Tanker Traffic Slows in Strait of Hormuz Amid Renewed US-Iran Tensions
TDT | Manama
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Daily tanker traffic through the Strait of Hormuz slowed on Friday after fresh hostilities between the United States and Iran heightened concerns over the security of the vital shipping route.
The latest exchange of military strikes has raised fears about global oil supplies and underscored the fragility of an interim truce between the two countries. Oil prices eased slightly on Friday but remained on track for weekly gains of 4-5 percent.
The International Energy Agency said global oil supply rose by 4.1 million barrels per day in June as shipping resumed through the strait, though output remained well below pre-conflict levels. It also warned of tight diesel and gasoline supplies.
Washington accused Iran of attacking three commercial tankers this week and responded with strikes on military targets. Iran later launched attacks on US military sites in Gulf states.
Before the latest escalation, tanker traffic had recovered to around 40 vessels per day, still far below the pre-war average of 125-140 daily sailings.
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