Oil prices hit $5.90/gallon amid reduced Strait of Hormuz vessel traffic
Diesel reached a new US record price as cargo ship activity through the Strait of Hormuz dropped to 10 vessels in ten days.
Diesel fuel recorded a new high price in the United States at $5.90 per gallon on Monday. Shipping data indicated that an average of 10 crude oil tankers crossed the Strait of Hormuz over the past ten days, the lowest volume since May. This decline followed US and Iranian strikes targeting shipping vessels in the region. Data from Chartex showed a rolling ten-day average of 10 ships ended on Sunday, compared to more than 15 on Friday and approximately 13 on Saturday. Only two ships passed the strait on Saturday, while six transited on Sunday, mostly via the Iranian route. The Central Command stated its forces struck three Iranian oil tankers on Saturday, including one off Kish Island, a major oil export hub, following Iranian attacks on US warships. Tehran responded by targeting three oil tankers using unapproved routes and additional US ships in the area.
