Iranian Ship Attacks Threaten Middle East Oil Exports as Tanker Traffic Slows
A surge in Iranian drone attacks on commercial ships appears to be weighing on Middle Eastern energy exports through the Strait of Hormuz, with 24 attacks reported so far this month. The latest reports from Wednesday morning indicate that two Emirati container ships were struck and sank in the narrow waterway. UBS energy expert Henri Patricot told clients on Wednesday that crude and…
Recent Iranian drone strikes on commercial ships sailing through the Strait of Hormuz are causing concern for Middle Eastern oil exports. Reports indicate that a total of 24 attacks have occurred in the region this month, with at least two Emirati container ships sinking during the latest incidents. UBS energy expert Henri Patricot shared that crude and petroleum product flows exiting the Gulf of Oman have dropped to 9.1 million barrels a day over the past two days, with a weekly average of 13.5 million barrels, a significant decrease from the early October peak of 17 million barrels.
The attacks have been reported at their highest intensity since the beginning of the conflict, with further incidents occurring in Saudi Arabia, including the targeting of Aramco's headquarters. Despite the challenges, Gulf crude loadings have slightly rebounded to 12 million barrels a day in the past couple of days, bringing October's average to 8.7 million barrels, close to September's average. However, LNG flows remain at a much lower level, only 25% of pre-conflict levels.
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