Brent crude oil today (Wednesday) recorded a 2 percent increase, reaching $102.50 per barrel. This price increase occurred following reports of Iran's repeated attacks on tankers in the Strait of Hormuz and the shutdown of production in Gulf of Mexico oil fields due to the potential for a storm.
Details of Iran's Attacks on Tankers
According to new data from a U.S. Navy-led intelligence source, twelve attacks on tankers in the Strait of Hormuz were reported between September 28 and October 2. These attacks have led to a significant reduction in maritime traffic in this vital waterway, with traffic volume on Tuesday reaching its lowest level since early July. This indicates the negative impact of these attacks on oil supply to global markets.
Read more: Bahnām Lāzemi Emphasized the Importance of Firefighters in the Oil Industry
Producers' Response to Increased Risks
In light of these attacks, oil producers seem to have fewer options for transporting oil to international markets. ANZ analyst Daniel Hynes stated, "In the past, such attacks have led to a reduction in shipment volumes from the Gulf. However, this time, producers appear to be willing to accept the risk of damage to their vessels, as there are no other ways to transport oil to the markets."
While oil prices have risen due to Iran's attacks on tankers, this situation is expected to have a lasting impact on global oil prices. Meanwhile, West Texas Intermediate (WTI) is also trading at $89.96 per barrel, reflecting a 1.90 percent increase compared to Wednesday.
These developments come as the International Energy Agency is set to decide soon how to release 100 million barrels of oil and fuel that the G7 agreed upon last week. However, some observers believe that this release is part of a plan announced in March to release 400 million barrels from reserves to alleviate price pressures resulting from the war.
Read more: U.S. Coast Guard Announced Storm Conditions for Mississippi River Ports · Iran Maintains Control of the Strait of Hormuz and Oil Exports Have Stopped
