Is it just me, or does it feel like we are not winning this war? The Strait of Hormuz remains entirely closed. Not sort of closed, not slowed down, not delayed. Closed.
From the transit call monitoring site: "Over 30,000 vessels pass through the Strait of Hormuz each year, with a daily oil transport volume surpassing 20 million barrels in 2022, accounting for about 80% of the Gulf region's oil exports and 20% of global oil production. The strait is one of the world's most crucial energy transport routes and a key maritime chokepoint."
About 100 oil tankers a day used to pass through this point. Since March 2nd it has been effectively zero. This has the potential to make the COVID era supply chain snarls look like a minor inconvenience (recall the hordes of tankers anchored outside the port of Long Beach). I sincerely hope the administration has a grand plan here that doesn't end with more war and higher oil prices.