Oil shipments are under attack on multiple fronts as fighting escalates in Red Sea, Hormuz and Black Sea
📰 source: cnbc_topnews · 💼 business
oil tankers are under attack on multiple fronts as conflicts escalate in the red sea, hormuz, and black sea. iran stepped up attacks in the strait of hormuz this month, the houthis fired on two saudi tankers in the red sea, and ukraine says it has attacked over 150 vessels in the black sea associated with russia's shadow fleet.
the security situation has pushed brent crude above $100 a barrel for the first time since may, with oil prices surging 30% in july. according to the imo, 61 commercial ships have been attacked since march, killing at least 17 seafarers. at least 12 tankers were hit in hormuz this month alone. saudi arabia has a pipeline alternative but logistics are complex — supertankers would need to unload half their cargo and take a longer route around africa.
in the black sea, the cpc pipeline stopped loading at novorossiysk due to attacks, threatening kazakhstan's 1.7 million bpd of production. helima croft of cng warns that if war escalates further, brent could surpass the 2022 high of $128 or even the 2008 peak of $148 per barrel.
why it matters: simultaneous attacks on three major oil chokepoints threaten global supply, pushing brent above $100 and risking further price spikes.
source: cnbc_topnews
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