US-Iran war: Secret shipping through Strait of Hormuz? Report hints at what's keeping oil prices in check
Oil tankers from the UAE, Qatar, and Kuwait have been reportedly passing through the Strait of Hormuz with their transponders turned off for several months.
Middle Eastern nations have been covertly shipping crude oil through the Strait of Hormuz, contributing to stable oil prices despite the ongoing war in Iran, Bloomberg reported. UAE, Qatar, and Kuwait vessels have been using this route without their transponders on, with volumes estimated to be more than 4 million barrels per day.
Despite attacks on vessels, the strategy of concealing ship locations and utilizing pipeline shipments and national oil reserves is helping to mitigate economic impacts. This practice has kept Brent oil futures between $80 and $90 a barrel, a far cry from the feared $150 per barrel.
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