Brent Above $100 and Hormuz Tanker Transit Drops to Two-Month Low
Kpler counted the passage of only 7 commodity tankers through the Strait of Hormuz, the lowest since the end of July, with crude transit dropping 27%, while Brent crude traded at $102.83 per barrel.
Kpler counted the passage of only 7 commodity tankers through the Strait of Hormuz on Tuesday, the lowest number since the end of July, according to the Oilprice website.
Crude oil transit volumes dropped 27% from their wartime peak to at least 10.1 million barrels per day, according to the same data.
A U.S. Navy-led maritime information center said it tracked at least 12 attacks on tankers between September 28 and October 2, in a sign of ongoing tension in the waterway.
Brent crude traded at $102.83 per barrel at the time of writing, as pressure remains on one of the world's most critical oil routes.
What Do These Terms Mean?
"Kpler": A data company specializing in tracking ship movements, energy, and commodity trading worldwide.
Brent Crude: A global benchmark crude oil used to price most types of oil in the markets.
Crude Oil Transit: The volume of oil transported through a waterway over a specific period of time.
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