On the 22nd, international market service provider Kpler stated on social media that shipping volumes through two major global energy transportation corridors—the Strait of Hormuz and the Bab el-Mandeb—both declined on the 21st. This reflects rising risk aversion among international shipping companies amid persistent regional security tensions.
Data shows that on the 21st, the number of ships passing through the Strait of Hormuz fell by 31% compared with the previous day, dropping to 9 vessels; the number of ships passing through the Bab el-Mandeb decreased by 34%, down to 29 vessels.
Analysts believe that although shipping through both straits has not been completely halted, operational confidence among shipping companies remains under pressure. In the vicinity of the Gulf of Aden, 4 vessels have been confirmed to have turned back, indicating that following threats by Yemen's 'Houthis' against ships linked to Saudi Arabia, some shipping companies are adopting more cautious operational strategies.
Meanwhile, attacks on merchant ships near the Strait of Hormuz continue. Analysts believe that the combined risks faced at the Strait of Hormuz and the Bab el-Mandeb may prompt shipping companies to adjust their routings, push up international shipping costs, and sustain the elevated geopolitical risk premium in the energy market.
The Strait of Hormuz is responsible for transporting about one-fifth of the world’s oil consumption, making it one of the most sensitive strategic corridors in international energy markets. Meanwhile, the Bab el-Mandeb handles about one-tenth of global seaborne oil trade and serves as a key artery connecting the Middle Eastern oil-producing region with European markets.
Brent Oil Price Briefly Breaks Through $95
Boosted by continued military conflict in the Middle East, international oil prices rose sharply on the 22nd. Brent crude oil futures briefly broke through $95 per barrel (about 388.23 ringgit).
As of the close that day, the New York Mercantile Exchange (NYMEX) September delivery light sweet crude oil futures rose by $2.49 to close at $86.83 per barrel, an increase of 2.95%; September delivery London Brent crude oil futures increased by $3.06 to close at $94.07 per barrel, an increase of 3.36%.