Tanker Hit Near Hormuz... Middle East Crude Oil Exports Recover to 98% of Pre-War Levels

UKMTO: "Struck off the coast east of Oman... All crew members safe"
Red Sea pipelines and 'crude oil shuttle' operations ease export disruption
JP Morgan: "Middle Eastern crude oil exports at 17.5 million barrels per day"

The United Kingdom Maritime Trade Operations (UKMTO) reported that on the 2nd (local time), a tanker was struck by an unidentified projectile near the Strait of Hormuz.

According to UKMTO, a captain reported that the vessel was hit 4 nautical miles east of Oman. All crew members are safe, and no environmental damage has been reported. The name and nationality of the vessel, as well as the identity of the attacker, have not been confirmed.

Naval vessel sailing through the Strait of Hormuz. AFP. Unrelated to the article. Yonhap News Agency

Since the outbreak of war with Iran in late February, Iran has blocked ships from passing through the Strait of Hormuz without its authorization and has attacked merchant vessels. As a result, there has been a sharp decline in the number of commercial ships passing through the strait, which has also impacted crude oil exports from the Middle East.

However, analysts say that more recently, Saudi Arabia’s Red Sea pipelines and the 'crude oil shuttle service' launched by Middle Eastern countries have brought export volumes close to pre-war levels.

The JP Morgan Global Commodities Research team recently estimated that daily crude oil exports from the Middle East averaged 17.5 million barrels. This figure combines exports via both the Gulf and Red Sea routes, and is approximately 98% of the volume before the outbreak of war.

Last month, the number of LNG cargo vessels passing through the Strait of Hormuz reached its highest level since the start of hostilities, leading to analysis that Iran's control over the strait may be weakening.

This content was produced with the assistance of AI translation services.