Ship traffic through Strait of Hormuz near three-month low

Investing.com -- Ship traffic through the Strait of Hormuz dropped to near a three-month low as uncertainty continues over whether the U.S. and Iran will reach an agreement to fully reopen the critical Middle East oil export route.

Vessel transits through the strait averaged around 13 ships per day over a five-day period ending Tuesday, approaching the lowest level since May 12, according to a CNBC analysis of data from trade intelligence firm Kpler. The count includes all vessel types, from cargo ships to oil tankers.

Current traffic levels are approximately 90% below the daily average of 130 ships that passed through Hormuz before the U.S. and Israel attacked Iran on Feb. 28.

Energy Secretary Chris Wright said Tuesday that oil exports through Hormuz have reached a seven-day average of nearly 9 million barrels per day as tankers move through the strait with U.S. military support. A single supertanker can transport about 2 million barrels.

Total oil exports from Gulf states are averaging about 15 million barrels per day when pipeline shipments are included, Wright said. Before the conflict, approximately 20 million barrels per day of crude oil and products were exported through Hormuz.

"Many private businesses undercount the number of ships leaving the Strait of Hormuz due to ships moving covertly through the waterway," Wright said in a social media post.

Iran's top national security official Mohsen Rezaei said Tuesday that Hormuz will not open fully until Washington agrees to Tehran's demands, according to state news outlet PressTV.

Last week, Treasury Secretary Scott Bessent told CNBC that a deal could come soon to open Hormuz with freedom of movement for ships. Bessent's comments contributed to an oil price decline, but an agreement between the U.S. and Iran has not yet been reached.

President Donald Trump has returned to diplomatic efforts this month. Traffic on Tuesday was about 80% below the post-deal peak.

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