Middle East war: Oil prices gain as more vessels face attacks

Crude oil prices have risen, as more commercial vessels come under attack in and around the Strait of Hormuz.

IMAGE: Getty Images

The United Kingdom Maritime Trade Operations (UKMTO) agency said yesterday that military authorities had reported an incident involving a tanker in the Strait of Hormuz, adding that the status of the crew and damage to the vessel were unknown.

Another commercial vessel was struck by an unknown projectile about 19 nautical miles (NM) northeast of Lima, Oman on Tuesday, the UKMTO said in a separate report.

On Saturday, military authorities reported a tanker on fire about 8 NM northwest of Khasab, Oman, which led to the evacuation of its crew, the UKMTO said.

A total of 37 vessels came under separate attacks in the Strait of Hormuz last month, Reuters reported citing data from the Washington Institute for Near East Policy. The International Maritime Organization (IMO) has recorded 134 confirmed incidents involving ships in the Strait of Hormuz and the wider Middle East since the war began.

Nine vessels crossed the Strait of Hormuz yesterday - six inbound and three outbound, according to market intelligence provider Windward. Three of these vessels moved in dark mode. An average of 129 vessels crossed the strait per day in February, before the war commenced, according to UN Trade and Development.

“Dark crossers made up three of nine Hormuz transits, against five of ten the day before,” Windward reported.

Tehran refuses to give up nuclear stockpiles

The secretary of Iran’s Supreme National Security Council, Mohsen Rezaei, has dismissed claims that talks with Washington are under way, calling reports of a recent meeting in Qatar lies intended to push down oil prices.

Iran will not move any of its enriched nuclear material out of the country, Rezaei told Lebanon’s Al Mayadeen TV.

The stance directly rejects US demand in ongoing peace negotiations, where Washington has insisted on the surrender or removal of Iran’s enriched uranium stockpiles as a primary condition for any diplomatic agreement.

Houthis continue to hit Saudi energy outlets

Yemen’s Houthi militants have sustained their attacks on Saudi Arabian energy infrastructure, exacerbating regional security risks.

The Iran-aligned group once again targeted Saudi Aramco’s Abqaiq processing facility, as well as key transit infrastructure.

In their latest wave of airstrikes, the Houthis claimed to have struck King Khalid International Airport and several pumping stations along the East-West pipeline, the group’s official spokesperson Yahya Sare’e said on Telegram.

“Our operations targeted the East-West pipeline in the Saudi capital, Riyadh,” Sare’e said, adding that the group will “continue their operations deep within Saudi territory.”

The assault on the East-West Pipeline – Riyadh’s critical export route that funnels about 70% of its crude exports through Yanbu to circumvent the Strait of Hormuz – has heightened anxieties over Middle Eastern supply.

US forces continue operation in the region

The US Central Command (CENTCOM) disabled a commercial vessel in the Gulf of Oman on Saturday, accusing the vessel’s crew of ignoring repeated warnings and attempting to violate Washington’s naval blockade of the region.

The US military fired precision munitions at the stern of St. Kitts-flagged M/V Huda, disabling the vessel, CENTCOM said in a statement alongside video footage of the airstrike. “The cargo vessel tried to depart regional waters after visiting an Iranian port,” CENTCOM added.

CENTCOM has a blockade in place for ships attempting to enter or depart Iranian ports since 14 July. The operation has redirected 147 commercial vessels, disabled five and boarded two.

Nearly 4,000 vessels have transited the Strait of Hormuz with US support, and primary transit routes remain clear of sea mines, CENTCOM said on X on Wednesday.

Additionally, 1.7 million bbls of crude oil has been “shipped with U.S. protection since summer,” CENTCOM said on social media platform X.

By Aparupa Mazumder

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