Three commodity vessels transited the Strait of Hormuz on Tuesday, falling well below the 10 day moving average of approximately 15 ships. This volume is a fraction of the 125 large commercial vessels that typically used the waterway daily before the conflict began on February 28. Iranian Parliament Speaker Mohammad Bagher Ghalibaf has stated that Tehran will keep the waterway closed until the US fulfills commitments under a defunct peace deal and meets other specific conditions.

To circumvent the blockage, Saudi Arabia restarted its 4 million bpd East West oil pipeline and is resuming crude exports through the Red Sea port of Yanbu. Brent crude prices have remained above $100 per barrel, while the US spends more than $30 million daily on its naval blockade of the strait. QatarEnergy reports its liquefied natural gas production has dropped to a minute volume because of the shipping disruption.