Phoenix 24
The world’s crucial energy corridor remains dangerously unstable.
Strait of Hormuz | July 2026
The recovery of oil traffic through the Strait of Hormuz has lost momentum as renewed military escalation between the United States and Iran undermines confidence among shipping companies and insurers. Confirmed crude and condensate transit fell 62% this week to approximately 4.1 million barrels per day, while regional cargo departures declined 47%.
The maritime route remains operational but increasingly selective rather than fully open. A reinforced American naval blockade, limited availability of conventional tanker operators and the rising risk of attacks are preventing exporters from establishing stable and repeatable shipping cycles.
Tensions intensified after the United States expanded its strikes into northern Iran and disabled a tanker heading toward Kharg Island, the country’s main crude-export terminal. Tehran responded with missile and drone attacks against regional countries hosting American forces, increasing fears of a wider conflict across the Gulf.
Brent crude remained above $85 per barrel, more than 15% higher than before the conflict but below the nearly $120 peak reached during its most severe phase. Alternative export routes and weaker Chinese demand have helped contain prices, although prolonged disruption could again threaten global energy supplies.
El estrecho permanece abierto, pero la confianza ya comenzó a cerrarse. / The strait remains open, but confidence has already begun to close.