Global Seaborne Crude Oil Shipments Decline Amid Iran Conflict
Global seaborne crude oil shipments have decreased by 16% since the onset of the Iran conflict, according to data from Signal Ocean. This reduction equates to a drop of 7.6 million barrels per day, significantly impacting global oil supply. The effective closure of the Strait of Hormuz, a vital passage for oil exports, has been a major factor in this decline. While some countries like the UAE and Saudi Arabia have increased shipments from alternative ports, overall exports from the Persian Gulf have fallen sharply. The U.S. blockade of Iranian ports, allowing only humanitarian shipments, further exacerbates the situation. 
