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The volume of non-Iranian oil transported through the Strait of Hormuz surged 50% this month, ignoring blockade threats
Meanwhile, due to U.S. sanctions, Iran's oil transportation has nearly come to a halt, with no Iranian oil passing through the route during the same period.
Vortexa senior market analyst Xavier Tang stated that "blind flying" through the Strait of Hormuz without AIS signals has become the new normal. Although the overall transportation volume remains far below the pre-conflict level of about 20 million barrels per day, market concerns over the risk of a blockade have noticeably diminished.
When Iran announced again on Thursday that it would close the Strait of Hormuz, Brent crude futures hardly showed any significant fluctuation, contrasting sharply with the initial phase of the conflict when Iran's first blockade of the strait caused oil prices to surge by about 13%.
Additionally, U.S. President Donald Trump revealed that the U.S. military has been conducting a secret escort mission since last month, helping approximately 100 million barrels of oil safely pass through the Strait of Hormuz, equivalent to over 2.4 million barrels per day.
The U.S. Central Command also stated that this week, two ships attempting to break through the blockade measures since mid-April were intercepted in the Gulf of Oman, with one vessel experiencing a fire in its engine room on Thursday.
The market is currently closely watching whether crude oil transportation through the Strait of Hormuz can maintain its current level amid Iran's latest threats to close the strait.
As of the time of writing, U.S. crude oil prices stood at $87.38, up 0.25% for the day; Brent crude prices were at $88.58, up 0.05% for the day.