Oil Tankers Resume Limited Transits Through Hormuz After Iran Attacks

A limited number of oil tankers continued moving through the Strait of Hormuz early Wednesday despite a series of attacks on commercial vessels that has forced shipowners to reassess the risks of using the vital energy route. Three ships were attacked on Tuesday, including a Qatari gas carrier and a Saudi oil tanker, marking the highest number of such incidents since a United States-Iran peace agreement took effect last month. Naval forces in the region have since raised the threat level from substantial to severe.

Ship-tracking data showed that oil movements through the strait had declined compared with the increase recorded after the June agreement, although some crossings continued. Six vessels were either beginning or completing transits, most of them fully loaded supertankers travelling through a United States-supported corridor closer to the coast of Oman. The continuing movement of crude carriers showed that some operators were still willing to use the route despite heightened security concerns.

Liquefied natural gas traffic, however, largely came to a halt following the attack on the Qatari tanker. About one-fifth of global LNG supplies pass through the Strait of Hormuz, making any prolonged disruption a significant risk to international energy markets. The latest instability has already contributed to a 10 per cent rise in European gas prices over the past two days as traders assessed the possibility of further interruptions to shipments.

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Tuesday's attacks prompted retaliation from the United States, which carried out fresh airstrikes against Iranian targets and threatened the fragile peace agreement reached last month. Washington also ended a waiver that had temporarily permitted the sale of Iranian energy. The moves by the United States and Iran have left shipowners reviewing whether to continue using the strait and which route offers the safest option amid the changing security situation.

One route runs close to the Omani coastline and is supported by the United States military, although it has increasingly faced attacks as Iran seeks to assert control over the waterway. The alternative passes closer to the centre of the strait through an area Tehran says it controls. Ships using that route may need Iranian approval for safe passage, potentially exposing operators to compliance concerns and the risk of secondary sanctions.

Three loaded supertankers exited the Persian Gulf and reached waters near Fujairah in the United Arab Emirates after completing parts of their journeys in darkness with their transponders switched off. Two more large crude carriers, including one sailing under the Indian flag and another bound for China, were approaching the strait along the Omani coast carrying Kuwaiti, Qatari and Emirati crude. Activity on the Iranian side remained comparatively limited, with no significant outbound movements reported early Wednesday.

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