Iran has increased its attacks on oil tankers in the Strait of Hormuz in recent days. According to received reports, oil flow from this waterway has reached a level close to pre-war. This month, the ninth attack in this waterway has been recorded, which is equivalent to half of the total attacks reported in September.
Increase in Military Activities
In the past month, four attacks have been recorded in the last two days, indicating an increase in activities in this area. Vessels present in the Strait of Hormuz have faced multiple attacks during the war, with varying intensity. Previous attacks led to a temporary reduction in cargo volumes, but an increase in volume in the following days has compensated for this decrease.
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Uncertainty About the Impact of Attacks on Oil Flow
Maritime security officials and shipping managers have stated that it is still unclear whether this recent increase in attacks will affect the volume of cargoes from Hormuz. The impact of these attacks on marine gas flow, which has increased in recent weeks, is also uncertain.
Several consuming countries announced last week plans to release millions of barrels from their emergency reserves to ease market pressure. U.S. President Donald Trump has also been considering options to reduce domestic fuel prices ahead of the midterm elections.
Most oil tankers passing through the Strait of Hormuz use a corridor close to the shores of Oman and typically pass by turning off their digital signals. This forces traders and analysts to rely on satellite images and shipping data to track supply movements.
Oil flow from this waterway has been steadily increasing since early summer. Last week, some Wall Street banks announced that cargoes have reached levels close to pre-war. Top commodity traders announced this week at the Energy Information Conference in London that flows from the Middle East are about 80 percent of pre-war levels. This has contributed to Brent oil prices dropping below $100 per barrel.
Energy flow from the Strait of Hormuz is vital for oil and gas prices, especially before the winter months in the Northern Hemisphere.
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