US Defense Chief Floats Indefinite Iran Blockade as Hormuz Traffic Sinks to Five Vessels

According to Oilprice.com, citing Reuters, in a report published Friday, August 14, 2026 (23 Mordad 1405), tanker traffic through the Strait of Hormuz fell to just five crossings on Wednesday and nine on Thursday, based on data from a provider, down from a monthly average of 12 crossings. US Defense Secretary Pete Hegseth said on Thursday that the US Navy can maintain the blockade of Iran indefinitely by rotating ships, and said the administration would apply "measures like have never been seen in the history of economic isolation on a country" in the coming week.

However, the report noted that oil prices have not yet fully reflected the tension, as traders instead focused on a 17.4 million barrel build in US commercial crude inventories last week and China's return to buying more crude after months of subdued imports. Analysts cautioned that if the US Iran deadlock and the closure of the Strait of Hormuz persist for a few more weeks, the physical oil market could reach a tipping point of real shortages and a price spike.