New Delhi, March 18 -- Traffic through the critical Strait of Hormuz chokepoint has dropped sharply, with fewer than 10 vessels crossing daily since March 2, down from an average of 135 in February, S&P Global Energy said at a media webinar on Wednesday.

The strait typically carries 14.1 million barrels per day of crude and 5.4 million barrels of refined products, underscoring its importance to global energy supply.

The slowdown has led to severe congestion, with around 850 oil tankers clustered in the region. Daily tanker transits have fallen to just two to three, compared to the usual 60.

The impact is also visible in reduced loadings, with Middle East Gulf crude shipments averaging 7.4 million barrels per day in March so far, less t...