Strait of Hormuz traffic plunges 80%, Middle East tanker rates hit all-time high According to the latest data from S&P Global Energy, since the start of the US-Iran war on February 28, ship traffic through the Strait of Hormuz has dropped by over 80%. Normally, this route handles about 20% of the world's seaborne oil and liquefied natural gas flow. With fewer ships, there are even fewer vessels able to enter the Persian Gulf to pick up cargo, naturally driving freight rates up. As of August 27, the LR2 tanker rate for refined oil from the Middle East Gulf to Japan has surged to $107.72 per ton, setting a new record high. The Persian Gulf can still export oil, but there’s now a clear shortage of ships to transport it. Iran is currently using special permits and selective passage, and the number of tankers that can enter the Persian Gulf, load cargo, and safely leave is far lower than before the war. This limited shipping capacity has led to fierce competition, which is directly reflected in skyrocketing freight rates. This further reinforces my earlier prediction: Iran is likely to gradually expand access through the Strait of Hormuz but will not restore full free passage for all countries. Countries like China, India, Iraq, and others not involved in actions against Iran will gradually gain more access, while the U.S., Israel, and certain hostile nations will continue to face restrictions. This way, Iran doesn’t need to completely shut down the Strait of Hormuz but can still control the direction of oil exports from the Persian Gulf. If Iran and Oman’s proposed toll mechanism is eventually implemented, the Strait of Hormuz could shift from being an international free passage to a regulated channel with access rights determined by country, permits, and fees. While this isn’t exactly good news, it could help lower oil prices and reduce global inflation. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.