Daily tanker traffic through the Strait of Hormuz slowed on Friday after fresh military exchanges between the United States and Iran reignited concerns over security in one of the world’s most critical oil transit routes. The renewed tensions have raised fears over global energy supply despite an interim truce aimed at safeguarding commercial shipping.
The latest escalation followed U.S. accusations that Iranian forces attacked three commercial tankers in the Gulf, prompting Washington to strike military targets in southern and eastern Iran. Tehran denied direct responsibility but warned that any further U.S. intervention would be met with a forceful response, insisting the strategic waterway would only remain open under its conditions.
The International Energy Agency (IEA) said global oil supply increased by 4.1 million barrels per day in June as tanker movements gradually resumed through the strait. However, supply remains about 9.4 million barrels per day below pre-conflict levels, while diesel and gasoline markets continue to face tight supply due to slower refinery recovery.
Before the conflict, the Strait of Hormuz carried roughly 20% of global oil shipments, with between 125 and 140 vessels transiting daily. Although traffic had recently recovered to around 40 tankers per day, Friday’s slowdown underscored the fragile security environment and lingering risks to global energy markets.
The renewed hostilities also overshadowed diplomatic efforts to preserve the ceasefire, with U.S. officials maintaining that technical negotiations with Iran are ongoing despite President Donald Trump’s declaration that the truce was effectively over. Reports indicated that Qatar continues to mediate between both sides in an effort to prevent a wider regional conflict.
Meanwhile, Iran held funeral ceremonies for slain Supreme Leader Ayatollah Ali Khamenei following his death in a U.S.-Israeli airstrike earlier this year, while both countries continued exchanging military strikes across the Gulf. The latest developments highlight the continuing geopolitical uncertainty threatening global oil flows and regional stability.