Daily tanker traffic in the Strait of Hormuz has slowed after the US and Iran exchanged hostilities this week, renewing concerns over the recovery of global oil supplies and shipping.
Global Oil Supply
The International Energy Agency reported that global oil supply rose by 4.1 million barrels per day in June as shipping through the strait resumed, but remained 9.4 million barrels per day below pre-war levels.
The US and Iran have been engaged in a standoff over the Strait of Hormuz, with Tehran largely taking control of the waterway and the US seeking to keep it open.
US-Iran Conflict
This week, Washington accused Iranian forces of attacking three tankers in the area and struck military sites on Iran’s southern coast and eastern provinces in response.
Iran then attacked US military sites in Gulf states on Thursday, prompting US President Donald Trump to declare the truce ‘over,’ although a US official later said Washington was still committed to finding a resolution with Iran.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
