Strait of Hormuz transits fall to single digits over weekend

Commodity vessel transits through the Strait of Hormuz dropped to single digits per day at the weekend, well below the 10-day average of 14, according to preliminary ship-tracking data. A vessel was struck by an unknown projectile on Sunday, and Saudi Arabia's East-West oil pipeline was temporarily shut by a drone attack from Iraq. Before the Iran war began on Feb 28, the strait handled about 125 commercial vessels daily, carrying some 20% of global crude oil and LNG supply.