Hormuz Tanker Crossings Fall to Lowest Level Since May 7

Tanker traffic through the Strait of Hormuz fell to one crossing on Thursday, July 23, the lowest daily level since May 7, according to ship-tracking data. The New Giant, carrying 2 million barrels of Iraqi Basrah crude to Rizhao, China, was the sole tanker to exit, and no ships entered the strait. Three tankers had crossed Wednesday. The collapse came as U.S.-Iran fighting intensified and oil rose above $100 a barrel; rerouting some cargoes through the Suez Canal can nearly triple voyage times.