Tanker traffic through the Strait of Hormuz has fallen sharply as the standoff between the United States and Iran persists, keeping pressure on global oil supplies and supporting crude prices.
Only five commodity vessels crossed the strategic waterway on Saturday, while no crossings were scheduled for Sunday, according to Kpler data cited by Reuters. The figures compare with 31 tanker crossings recorded over the previous weekend.
The data does not capture vessels operating with their transponders switched off, meaning the actual number of vessels using the strait could be higher.
Brent crude was trading at $88.62 per barrel on Monday, while West Texas Intermediate stood at $82.18. Brent briefly moved above $89 earlier in the session before retreating.
The latest slowdown follows a roughly 5 percent weekly gain in oil prices last week, driven by growing concerns over tanker security and the continued disruption around the Persian Gulf.
The United Arab Emirates accused Iran of attacking three tankers operated by Abu Dhabi National Oil Company (ADNOC) last week, with two incidents occurring on Thursday and another on Friday.
The Houthi movement in Yemen also said it had attacked an Aramco refinery in Jazan, Saudi Arabia, adding to concerns over the security of energy infrastructure across the region.
Expectations of a quick diplomatic resolution have also weakened. Iranian Foreign Minister Abbas Aragchi said over the weekend that Tehran was not planning to hold peace talks with Washington, while U.S. President Donald Trump said Americans would have to accept higher gasoline prices for the time being.
Priyanka Sachdeva, an analyst at Phillip Nova, said oil had recovered most of its losses from early August as expectations of a lasting U.S.-Iran settlement faded and geopolitical risk returned to the market.
Despite the sharp decline in visible tanker traffic, crude prices have remained below their earlier highs. One factor is the movement of vessels through the strait with their transponders switched off, which makes it difficult to determine the full scale of remaining maritime activity.
A substantial increase in U.S. crude inventories has also limited the upward pressure on prices, providing traders with an indication that available supplies remain sufficient to cushion some of the disruption.
The combination of continued uncertainty around Hormuz, reduced visible tanker movements, vessels operating outside tracking systems and elevated U.S. inventories has left the oil market balancing the risk of a prolonged supply disruption against evidence that some crude is still reaching consumers.
With the U.S.-Iran standoff showing little sign of an immediate resolution, further changes in tanker traffic through the Strait of Hormuz are likely to remain a key factor for oil prices.