Asian markets are trading mostly lower on Thursday, following the mixed cues from Wall Street overnight, as the joint U.S.-Israeli strikes against Iran continue unabated, leading to a fresh surge in crude oil price that reinforced global inflationary concerns. Reports of Iran seeking to mine the Strait of Hormuz have also added to concerns about shipping through the vital waterway. Asian markets closed mostly higher on Wednesday.
Tanker traffic through the Strait of Hormuz has dropped to two per day from an earlier average of 138 vessels per day. Nearly 150 tankers are anchoring in open gulf waters while nearly 147 container ships are trapped inside the Persian Gulf, struggling to find a way out. Around 20% of the world's oil and energy transit takes place through the Strait of Hormuz.
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