Attacks on tankers in Hormuz hit highest of any week since start of Iran war: Reuters
Reuters reported at least 12 tanker incidents in one week, the highest weekly total since the war with Iran began.
- On October 2, a tanker transiting the Strait of Hormuz was struck by an 'unknown projectile,' causing a fire, according to the United Kingdom Maritime Trade Operations . Nine attacks have been reported in the waterway this month.
- Since the Middle East war began in February, Iran has leveraged control of the Strait of Hormuz to disrupt shipping. Tehran officials claim their armed forces have 'full control over it,' using harassment to maintain pressure on transiting vessels.
- Maritime security sources reported 12 attacks on tankers between September 28 and October 5, the highest weekly total since the war began. Exporters rely on an 'elaborate system of shuttle runs,' transferring crude to vessels outside the waterway to mitigate risk.
- These attacks have driven shipping costs for crude bound for China to a record $1 million per day for each tanker. Brent crude prices regularly surpass $100 per barrel as market participants weigh supply flow sustainability.
- Richard Meade, editor-in-chief of Lloyd's List, noted the oil market is 'not becoming more secure' but is 'becoming more efficient at operating under sustained insecurity.' This captures the fragility underlying the recent recovery in oil flows.
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Iran tanker attacks push oil higher and Bitcoin lower
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The Economic Times
Times of IndiaTanker attacks in Hormuz hit highest of any week since start of US-Iran war
Attacks on tankers in the Strait of Hormuz reached unprecedented levels during the week of September 28 to October 5. There were at least 12 attacks on various tankers, which was the highest number recorded since the Iran war began. The US Navy-led Joint Maritime Information Center confirmed Iran's intent to maintain pressure along key transit routes.
Tankers in the Strait of Hormuz faced at least a dozen attacks last week, maritime security sources said, the highest number of attacks since the US-Iran war began in February.
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