The number of commodity vessels observed to have transited the Strait of Hormuz crumbled to single digits this weekend, and risks to supply from the Middle East soared after Saudi Arabia shut down the key East-West pipeline it uses to ship crude from the Red Sea to bypass Hormuz. The number of commodity vessels that crossed the Strait of Hormuz in either direction was 14 over the weekend, or single digits per day, compared to a 10-day average of 14 commodity ships that moved outbound or inbound
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