Threat to oil tankers in Middle East worst since start of Iran war, analysts say
📰 source: bbc_business · 💼 business
the threat to oil tankers in the middle east is at its worst since the iran war began, analysts say, after a spate of attacks on ships in the red sea. the red sea had become an alternative route for some tankers after iran blocked the strait of hormuz.
kpler data shows just eight ships passed through the strait of hormuz on sunday and 11 on saturday, versus more than 100 per day before the war. about 20% of the world's oil and gas flowed through the strait pre-conflict. many ships are 'going dark' — switching off transponders — to avoid detection. meanwhile, yemen's houthi fighters have targeted saudi tankers using the red sea route, and the uk maritime trade operations agency reported several attacks in the past week.
brent crude fell 4.4% to $84.05 a barrel after trump said he would cancel planned strikes on iran amid potential talks. but analysts warn restoring normal flows would take months. intertanko's tim wilkins said the industry faces a 'broadening, deteriorating, and increasingly complex security situation.'
why it matters: mounting attacks on both key oil routes threaten supply of ~20% of global oil and gas, despite near-term price drop on diplomacy hopes.
source: bbc_business
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