Middle East conflict: Oil surges amid repeated tanker attacks

Brent crude’s price has moved closer to $105/bbl once again, following more attacks on commercial vessels transiting the Persian Gulf region.

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An oil tanker was struck by multiple unknown projectiles, about 51 nautical miles north of Madinat ash Shamal, Qatar yesterday, the United Kingdom Maritime Trade Operations (UKMTO) agency reported.

“Casualties have been reported. Authorities are investigating,” the UKMTO said.

Between 28 September and 5 October, the UKMTO has reported at least 12 incidents within the Persian Gulf, underscoring the unprecedented maritime security peril in the region.

Some 18 vessels attempted to transit the Strait of Hormuz yesterday - 12 inbound and six outbound, according to market intelligence provider Windward. One of these vessels moved in dark mode.

Although yesterday’s transit volume was higher than the 13 crossings noted on Monday, vessel traffic remains well below the pre-war average of 140 daily transits.

Tehran has claimed that the Strait of Hormuz “is closed” and the Islamic Revolutionary Guard Corps (IRGC) has “full control over it.”

However, the US Central Command (CENTCOM) has flatly dismissed these claims, calling them out as false and fabricated.

“Traffic is flowing through the Strait of Hormuz right now carrying commercial goods and energy supplies, including 20 million barrels of crude oil,” CENTCOM said on social media platform X.

Commercial vessels traversing the region continue to face persistent attacks, even as the US Navy maintains that it exercises firm control of the narrow corridor and routinely coordinates escorts for compliant vessels.

CENTCOM has had a blockade in place for ships attempting to enter or depart Iranian ports since 14 July. The operation has redirected 130 commercial vessels, disabled more than three and boarded two.

By Aparupa Mazumder

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