Laurence Simonetti

Kepler tracking data shows just one vessel crossing the Strait of Hormuz with its transponder on in the past 24 hours, and that vessel wasn't carrying oil.

On a typical day, the Strait would be buzzing with vessels, even empty oil tankers they load and send back.

Now that is paralyzed, according to the head oil analyst at Kepler, Matt Smith.

And while Kuwait, Iraq, Saudi Arabia, the UAE and Qatar have cut production to the tune of at least six million barrels a day, oil is trading below its highs on optimism that global reserves will be tapped.

In Englewood, New Jersey, Laurence Simonetti, Fox Business.