Iran strikes tankers outside Hormuz in signs of expanding campaign

Tankers are facing an increased risk of attacks and intimidation while transporting essential shipments through the Strait of Hormuz, following Iran's recent warnings of blocking unauthorized routes. The Strait has experienced the largest number of attacks on tankers since the beginning of the Iran war, leading to a significant reduction in vessels attempting to pass through in over two months.

Iran has threatened regional countries, stating that any attempt to open new routes for oil exports would be deemed hostile. This threat is part of a plan agreed upon by Iran's political leaders and Revolutionary Guards, as confirmed by a senior regional official. Iran has expressed no intention of allowing control of the Strait to be compromised, and has prepared plans for blockades involving missile and drone attacks or deploying boats to deter ships.

In recent months, Gulf oil producers have been rushing oil shipments through channels near Oman's coast before transferring them to open waters in the Gulf of Oman, with US aerial support. Recently, a tanker was struck off the coast of Qatar, causing minor injuries to its crew. This incident suggests a potential expansion of the combat area, affecting approaches to several Gulf countries.

The recent Iranian attacks have caused shipowners to be less inclined to sail through the Strait, according to Jakob Larsen, Chief Safety & Security Officer at shipping association BIMCO. The ongoing Iran conflict, costing the US$3 billion monthly, has become a significant topic in the US presidential election campaign. Governments and energy companies have drawn oil from reserves to stabilize the global oil market, which is facing unprecedented disruptions due to the war in Ukraine.

As the situation worsens, the global economy is feeling the effects, with Danish shipping group Maersk increasing its emergency fuel surcharge for inland transportation in the UK and Ireland due to the ongoing Middle Eastern conflict.