Tanker transit through Strait of Hormuz plunges as US-Iran ceasefire fractures

Fresh diplomatic efforts are unfolding alongside renewed military tensions as the United States and Iran continue exchanging strikes while keeping nuclear talks alive.

Growing oil production, alternative export routes and new shipping patterns suggest Iran's ability to weaponize the Strait of Hormuz may be steadily weakening — even if it can still trigger short-term price shocks.

By resuming hostilities with Tehran on Wednesday, July 8, after having accused Iran of firing on three Qatari and Saudi ships trying to navigate the Strait of Hormuz, Donald Trump did more than just call into question the memorandum of understanding reached with the Islamic Republic on June 17.

For decades vessels have been given free passage through the strait, through which more than a fifth of the world's oil and gas supplies as well as fertiliser shipments and other vital goods flow.