Significant Slowdown in Strait of Hormuz Shipping Amidst Rising Tensions Between United States and Iran

The Strait of Hormuz has witnessed a sharp decline in maritime traffic, compared to levels recorded after a previous truce, attributed to recent attacks targeting vessels and escalating reactions. The reluctance of shipping companies to traverse this vital waterway could lead to a significant slowdown in oil and gas flows from the Arabian Gulf region. In this context, Harry Vafias, CEO of Athens-based "StealthGas," stated that his company decided to postpone the passage of one of its ships through the Strait of Hormuz following renewed strikes between the involved parties, adding that "things are getting worse in the strait minute by minute." Meanwhile, Captain Tim Hawkins, spokesperson for the U.S. Central Command, reported that the United States has assisted over 800 commercial vessels and facilitated the transit of 380 million barrels of crude oil through the strait since early May. However, reports indicate that many ships receiving U.S. assistance switch off their tracking devices, which complicates independent verification of the announced statistics. Market experts emphasize that restoring the Strait of Hormuz as a reliable passage for maritime trade is crucial for the stability of the global energy sector.