Strait of Hormuz Traffic Plummets Amid Iran War

0:00From the Daily News Now Network, this is Corey with the story with Canada News today. Traffic through the Strait of Hormuz has dropped to almost nothing since Iranian forces blocked the key route amid the Middle East War. From March 1 to March 19, just 116 cargo ships and tankers made it across, a 95% plunge from normal times. Most were Iranian vessels carrying oil, eastward. Analysts note of small rise in gas carriers lately, alongside boat carriers and container ships leading the way. Iranian-owned or flag ships dominate, making up the bulk of passages, followed by Greek and Chinese ones at 18% and 10%. Westbound traffic is mostly shadowfully tankers or gas carriers. The Strait normally handles a fifth of the world's oil and liquefied natural gas. So this blockade hits global trade hard. More than a third of ships since the war began face United States, European Union or United Kingdom sanctions with over half of oil and gas tankers.

1:00It's affected, non-Iranian traffic remains at a standstill. Nearly all the oil moving through 98% is Iranian, averaging 1.3 million barrels a day in early March, mostly bound for. Asia, especially China. Countries like China, India, Pakistan and others are negotiating directly with Tehran and its revolutionary guards to coordinate safe passages. This getting approval often hug Iran's coastline near Lurak Island for vetting, including some Indian and Pakistani vessels. As talks continue, the trickle persists, but broader reopening lives distant for now.