Hormuz Tanker Traffic Hits Two Month Low as Attacks Surge

Hormuz tanker traffic fell to a two month low as renewed attacks unsettled shipping, while the United States Oil Fund, LP (USO) slipped 0.69% to $143.91 on October 7.

Hormuz tanker traffic retreats from its recent recovery

Kpler analysts counted seven commodity carriers crossing the Strait of Hormuz on Tuesday, the lowest daily count since late July. Crude moving through the passage fell 27% from the wartime high recorded the previous week, to at least 10.1 million barrels a day.

That volume matched September’s average, but remained 74% below the prewar level, according to Kpler. The drop in vessel movements was especially pronounced among ships making ship to ship transfers in the Gulf of Oman. Saudi Arabia has used those transfers to expand crude exports, and they helped support the earlier recovery in oil flows from the Persian Gulf.

Kpler had reported weaker energy shipments through much of September, then described flows as improving late in the month. Before the war, the Strait of Hormuz carried about one fifth of global oil flows, along with a significant share of liquefied natural gas shipments. The latest figures show how quickly vessel activity can pull back even after a recovery has begun.

Attacks add pressure to shipping routes

At least 12 attacks on tankers carrying crude oil, liquid petroleum gas and liquefied natural gas were recorded between September 28 and October 2, according to the Joint Maritime Information Center. Its tally was the highest since the war began at the end of February.

The center said the incidents showed Iran seeking to assert its presence along key shipping lanes and keep pressure on vessels in transit. The attacks provide a direct geopolitical risk to movement through the strait, but the supplied figures do not establish how much oil production changed or whether inventories rose or fell.

USO reflects a weaker session, not a full supply picture

USO, which tracks oil market exposure, traded at $143.91 on October 7, down 0.69% for the day. Its 52 week range was $113.86 to $163.35, and its relative strength index was 48.74. These figures provide a market level through the ETF, not a direct quote for crude itself.

The daily decline came as tanker activity weakened, but the available data does not show that shipping attacks caused the ETF’s move. No dollar figures or inventory readings were supplied either, so those factors cannot be measured here as drivers. The clearest evidence is the combination of fewer transiting carriers, lower crude flows and a fresh cluster of attacks on vessels.

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