Iran Says Four Oil Tankers Destroyed by Mines Near Strait of Hormuz
Four oil tankers were destroyed after hitting naval mines in an area south of the Strait of Hormuz proscribed by Iran as prohibited for navigation, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday, as attacks on vessels in the region intensify while crude oil flows have dipped from recent highs. The four tankers are still ablaze, while two other vessels have been seized, the…
Four oil tankers were destroyed by naval mines near the Strait of Hormuz, according to Iran's Islamic Revolutionary Guard Corps (IRGC) on Wednesday. The incident occurred in an area that Iran deems prohibited for navigation. The four tankers remain ablaze, while two other vessels have been seized. While global crude oil flows have rebounded from their spring lows, the security situation in and around the Strait of Hormuz has deteriorated, with a growing number of attacks on tankers in recent weeks.
October exports of crude oil, condensate, and fuels from the Middle East dropped to 17.1 million barrels per day (bpd) from 18.9 million bpd in September, according to Vortexa data cited by Reuters. Analyst George Morris noted that this decline in Middle East seaborne oil exports is a result of heightened risks in the Strait of Hormuz.
Kpler reported a 1-million-bpd decrease in total crude oil and condensate exports. Despite the recent increase in oil flows from the Middle East region since April and May, the ongoing security concerns, intensified attacks, mines, and explosions are making it challenging to track shipments accurately. Tanker-trackers are increasingly relying on satellite imagery due to vessels often disabling transponders to evade detection while transiting the Strait of Hormuz.
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