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Over the weekend, the number of visible commodity vessels transiting the Strait of Hormuz dropped to five per day, shipping data from Kpler showed.
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Efforts by mediators including Qatar and Oman to broker a deal to reopen the Strait of Hormuz, which carried about a fifth of global oil supplies before the war erupted in late February, have so far failed to gain traction.
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Iran shut the waterway after the U.S. and Israel attacked the country February 28.
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Highlighting the risks that remain to shipping and oil supply, the United Kingdom Maritime Trade Operations agency (UKMTO) said on Tuesday a tanker reported being struck by three projectiles while sailing out of the Strait of Hormuz. No casualties or environmental impact were reported.
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On Friday, Trump announced a deal with Venezuela to control oil reserves in the country, which he later said would help replenish the U.S. Strategic Petroleum Reserve, which is near a 44-year low.
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U.S. companies Chevron and GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark are on track to sign final agreements in Venezuela after months of negotiations to firm up energy projects in the OPEC country, five sources close to the preparations said on Monday.
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Crude oil inventories in the U.S. Strategic Petroleum Reserve declined by about 3.1 million barrels last week, leaving stockpiles at 286.6 million barrels.
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Analysts polled by Reuters in August expect oil prices to remain above $80 a barrel in 2026 as shipping disruptions continue. O/POLL
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