Oil tanker traffic through Hormuz Strait drops 90 percent

Traffic of oil tankers through the Strait of Hormuz has decreased by nearly 90 per cent since the start of US and Israeli strikes. This has raised concerns of a major supply crisis in the global energy market.

International energy market analysis firm Kepler provided this information on Wednesday, March 4.

Approximately one-fifth of the world's total crude oil supply is transported through this vital waterway. Iranian military officials have claimed they have completely closed the Strait of Hormuz.

However, Kepler's analysis stated this claim is not entirely accurate. Despite the risks, some oil tankers are still using this route.

Kepler analyst Matt Wright said that while movement of other types of vessels has nearly stopped, some tankers continue eastbound and westbound journeys. However, to avoid identification, many ships are sailing with their Automatic Identification System (AIS) turned off, meaning in a 'blackout' state.

With one of the world's primary energy transport routes effectively paralysed due to the ongoing conflict, major instability in oil supply and prices in the market is feared.