Gulf nations keep oil flowing despite Iranian attacks, but workarounds are costly
Pipelines, clandestine tanker shuttles and dwindling stockpiles have kept crude near $100 a barrel, but analysts warn the fragile balance may not last The post Gulf nations keep oil flowing despite Iranian attacks, but workarounds are costly appeared first on The Times of Israel .
Despite Iran's closure of the Strait of Hormuz at the beginning of the war, reducing the flow of oil by 15 million barrels per day and causing global concerns, oil prices have not skyrocketed. This is due to the quick adaptation of Saudi Arabia and other Gulf producers to alternative routes and utilization of unused pipeline capacity.
When Iran targeted these routes, oil exporters and the US military found additional workarounds in a continuous game of evasion. Despite these workarounds being costly and potentially unsustainable, oil prices remain around $100 a barrel, not reaching the feared levels. Iran's continued attacks on oil facilities could potentially alter the balance, but the current supply seems sufficient to meet global demand.
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