(Update/use as neccessary)

Ship traffic through the Strait of Hormuz has fallen to a five-day average of around 13 vessels, marking a level near the lowest point recorded since May 12, according to data from trade intelligence firm Kpler. This represents a drop of roughly 90 percent compared to the typical daily average of 130 ships that transited the waterway before the February 28 U.S. and Israeli strikes on Iran.

The reduction in traffic follows Iranian military actions targeting commercial vessels and the imposition of tolls on ships transiting the strait after the U.S.-Israeli strike on February 28. These measures effectively halted a trade corridor through which approximately twenty percent of global oil and natural gas supplies once flowed. Iranian authorities have indicated that naval forces may have also laid mines in the area, and state media has released maps showing designated safe corridors for inbound and outbound maritime traffic.

Despite the reduced overall traffic, Energy Secretary Chris Wright stated that oil exports through the strait have reached a seven-day average of nearly 9 million barrels per day, with tankers moving under U.S. military protection. Wright noted that private companies often undercount ship movements due to covert navigation through the corridor. Iran's top national security official Mohsen Rezaei declared that the strait will not fully reopen until U.S. demands are met, countering recent optimism from Treasury Secretary Scott Bessent, who suggested a deal to restore free passage could be imminent.

An interim agreement signed on June 17 briefly increased ship crossings to an average of about 60 vessels by June 26, but the arrangement collapsed as disputes arose over undefined shipping routes, leading to renewed attacks on tankers and retaliatory strikes by the Trump administration. President Donald Trump has recently shifted back toward diplomatic engagement, though no concrete progress has been reported. Current traffic levels remain approximately 80 percent below the peak observed following the June agreement.

A second commercial tanker has been abandoned by its crew in less than 24 hours after being struck by an unidentified projectile near the Strait of Hormuz. The United Kingdom Maritime Trade Operations reported the incident occurred about eight nautical miles (15 kilometers) northeast of Limah, Oman. The crew abandoned the vessel and is now in a lifeboat, with no environmental impact or injuries reported so far.

The Kuwait Oil Tanker Company tanker *Kaifan* broadcast a distress call stating it had been hit by a drone or missile, causing a fire in its engine room. Authorities are investigating the attack and have advised vessels in the area to exercise caution and report any suspicious activity.

This latest attack follows two others in the past day involving tankers managed by Greek shipping company Dynacom Tankers. One of those vessels, the Malta-flagged *Kavomaleas*, was struck twice, forcing its crew to abandon ship after a fire broke out in the engine room. The second tanker also sustained damage but its crew remained aboard.

The attacks come amid heightened tensions in the Strait of Hormaz after a U.S.-Iran ceasefire collapsed earlier this month. Multiple merchant vessels have been targeted as U.S. forces carry out strikes against Iranian military sites and Iran continues to retaliate against commercial shipping in the region. No group has claimed responsibility for the latest incident, and the type of projectile used remains unidentified.

Global financial markets showed mixed movements as investors awaited key inflation data from the United States. European stocks remained largely unchanged, with major indices in London, Paris, and Frankfurt trading near break-even levels. In Asia, markets rose 0.7 percent, driven by strong performance in South Korea's KOSPI, which gained 3.7 percent, while Japanese and Taiwanese stocks each climbed nearly one percent, particularly boosted by gains in semiconductor companies.

Oil prices continued their upward trend, with US crude increasing 0.8 percent to $83.89 per barrel and Brent crude rising 0.7 percent to $89.49 per barrel. This marks the sixth consecutive day of gains for both benchmarks, following attacks on shipping vessels in the Middle East. The ongoing conflict between the United States and Iran has kept energy markets volatile, with Iran's top security official stating that the Strait of Hormuz shipping route will remain closed unless the US accepts Iran's conditions to end the war.

Market analysts suggest that a gradual but messy de-escalation is the most likely scenario, which could maintain elevated oil prices and continue putting pressure on global inflation and economic growth forecasts. The energy-driven inflationary pressures are expected to persist in the near to medium term.

Attention now turns to the upcoming US consumer price index data, which could influence decisions by the Federal Reserve regarding potential interest rate adjustments. Money markets currently show an even chance of a rate hike at the Fed's next meeting. In Japan, investors are increasingly anticipating an early rate increase, with nearly 60 percent pricing in a quarter-point hike at the Bank of Japan's September meeting. This has pushed Japanese government bond yields to multi-year highs, with the 5-year yield reaching 2.12 percent and the 2-year yield hitting a 31-year peak of 1.645 percent.

The US dollar index showed minimal movement, rising less than 0.1 percent to 99.86, while the euro and British pound remained largely unchanged. The Japanese yen weakened slightly to 159.35 per dollar. Precious metals also saw gains, with spot gold climbing one percent to $4,409 per ounce and silver rising two percent to $66.04 per ounce.

Gasoline prices in the United States rose sharply in March, increasing by more than forty percent and averaging over four dollars per gallon. Although prices decreased temporarily in April and again in June, they climbed to new highs in May before returning to the four-dollar threshold in July.

Original Sources/Tags: perthnow.com.au, nbcnews.com, abcnews.com, cnbc.com, cbsnews.com, thehill.com, newsnationnow.com, cnn.com, (london), (paris), (frankfurt), (asia), (kospi), (japan), (taiwan), (iran), (euro), (silver)

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