Dimitris Maniatis, CEO of Greek maritime risk management firm Marisks, told CBS News on Wednesday that while the Strait of Hormuz route remains physically open, large international merchant vessels are effectively staying away. “There’s nothing physically obstructing the navigation of any vessel willing to transit the strait, and there are vessels that trade locally and are entirely unaffected by everything that’s going on; however, if we’re talking about large ocean-going, internationally-owned and operated merchant vessels, nothing is going through,” Maniatis said. The report also mentioned that commercial traffic through the Strait of Hormuz has fallen sharply as vessel operators avoid the key waterway amid ongoing Iranian attacks on ships, citing the Joint Maritime Information Center in Bahrain, which said crossings dropped to a three-week low.
NN: No ships = no oil. Demand out strips supplies = higher prices.