Hormuz tanker crossings drop to 1 as oil returns to $100

Tanker traffic through the Strait of Hormuz fell to its lowest level in more than two months on July 23, with just one vessel exiting the waterway and none entering, shiptracking data from Kpler showed. The lone crossing was the very large crude carrier New Giant, carrying 2 million barrels of Iraqi Basrah crude and heading to Rizhao in China. The slowdown came as shipping risks in the Middle East persisted and oil prices climbed back to $100 a barrel. In a possible sign of rerouting pressure, clean tanker Torm Innovation turned toward the Suez Canal instead of the usual Bab el-Mandeb exit. Saudi Aramco also began offering extra crude cargoes from Egypt's Mediterranean port of Sidi Kerir as an alternative to Red Sea loadings.