The Strait of Hormuz has witnessed a significant decline in shipping activity since the US and Iran announced a temporary halt in hostilities, casting doubt on the prospects for a rapid resolution to the ongoing energy crisis. On Wednesday, a mere five vessels navigated the critical waterway, a stark contrast to the 11 that had passed through the day prior. Meanwhile, seven vessels successfully crossed the strait on Thursday, according to data from market intelligence firm Kpler. As the situation remains volatile, Lloyd’s List Intelligence reports that over 600 vessels, including 325 tankers, continue to be stuck in the Gulf due to the ongoing blockade of the strait.
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