APREX · EST. 2026
Near-total shutdown in the world's most critical oil chokepoint
The Strait of Hormuz — which controls roughly 20 percent of the world's daily oil exports — experienced a near-complete halt in tanker traffic on Thursday. According to vessel-tracking data from analytics firm Kpler, cited by Reuters, only one tanker completed a transit through the narrow waterway between Iran and Oman.
This is the lowest number of daily transits since May 7, and represents a dramatic drop from Wednesday's three passages.
New Giant — alone in dangerous waters
The supertanker New Giant was the only vessel to make the crossing on Thursday. According to Kpler data, the ship was loaded with approximately 2 million barrels of Basrah crude from Iraq, bound for the Chinese port city of Rizhao.
The fact that such a massive vessel chose to transit alone, while other shipping companies held their ships back, underscores the extraordinary situation that has emerged in the Persian Gulf this week.
War risk pushes oil above $100
The dramatic reduction in shipping traffic is unfolding alongside a sharp rise in geopolitical risk in the region. Crude oil prices have consequently broken back through the $100-per-barrel barrier — a level last seen during earlier escalation phases of the conflict.
The Strait of Hormuz is the only maritime exit from the Persian Gulf and is of critical strategic importance for oil exports from Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates. A prolonged blockade or sustained risk of attacks on tankers could have serious consequences for the global oil market.
Norwegian and European energy supply in the shadow
For Norway — itself a significant oil exporter that tracks the Brent price closely — the situation cuts both ways: higher oil prices boost revenues from the North Sea and could lift the OSEBX energy sector. At the same time, Norwegian industry and consumers are exposed to higher energy costs if the situation persists.
Norges Bank will also be monitoring price developments closely, as sustained high energy prices could affect inflation figures and the interest rate path going forward.
Markets respond in risk-off mode
The current market regime is marked by clear risk aversion. Investors are retreating to safe havens, and the sharply reduced activity in the Strait of Hormuz is adding to the unease. Energy market experts warn that if the situation escalates further, additional spikes in crude oil prices could follow in the days ahead.
The Kpler data on which Reuters has based its reporting provides the best available real-time indication of shipping traffic through the strait, and Thursday's figures are extraordinary by historical standards for 2026.
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