International Crude Oil continues to rise, with shipping through the Strait of Hormuz at a three-week low.

BlockBeats News, July 18th, international crude oil has recently continued to rise, with Brent crude rising to $86.75 and WTI crude rising to $82.33, after both oils fell to near $70.

According to data released by the international market services firm Kepler on the 17th, ship traffic in the Strait of Hormuz continued to weaken on the 16th, with the number of ships confirmed to have passed through the strait that day dropping to 8, the lowest level in nearly three weeks. The data shows that of the 8 ships that passed through the Strait of Hormuz that day, 7 chose to use the northern Iranian route, reflecting a further concentration of shipping traffic on this route as shipping companies reassess the regional security situation, crew safety, and insurance risks.

At the same time, crude oil futures recorded a double-digit increase this week. Another factor exacerbating concerns about escalating tensions is that Houthi rebels in Yemen may take action to block Red Sea shipping; in the event of a closure of the Hormuz Strait, Saudi Arabia has always rerouted its oil exports through the Red Sea.

Barclays analyst Amarpreet Singh stated in a report: "With inventories at their lowest levels in recent years and most of the strategic oil reserves released, the situation around this 'red line' strait is once again heating up, bringing significant upside risk to energy prices. As things stand, we believe the oil market is still too complacent about the potential impact on inventories."