
Oil flow through Strait of Hormuz reaches 12 million barrels per day – defying growing attacks from Iran
More than 12 million barrels of oil have passed through the Strait of Hormuz each day this month, higher than last month’s daily average, despite a surge in attacks from Iran, analysts say.
The flow of oil through the strait has seen an uptick since September, with more than 9 million barrels daily sailing directly under U.S. military protection, according to TankerTracker.com and maritime analyst firm Kpler.
The increase in exports comes despite 26 ships being attacked so far in October, marking the most dangerous period for tankers and cargo ships since the start of the war.
The underlying danger was illustrated Wednesday when a cargo ship sank after being hit by an unknown projectile, according to Iranian military and maritime analysts.
But the dangers appear to be outweighed by the benefits, as sailors repeatedly boasted that they made tens of thousands of dollars more last month by taking the risk.
Captain Tim Hawkins, a spokesman for the US Central Command (CENTCOM), estimated that some 19 million barrels of oil passed through on Monday alone.
“Transits through the Strait of Hormuz continue despite Iran’s unjustified aggression,” Hawkins told the New York Times.
The oil trade is starting to show signs of strain, however, with flows plummeting last week after some of Iran’s most violent attacks.
While nearly 23 million barrels of oil slipped through the Strait of Hormuz last Thursday, only a tenth of that volume passed through Wednesday, according to Kpler.
Kpler’s most recent 6-day average found that less than 4.6 million barrels of oil passed through the strait each day, according to Kpler.
Ship-to-ship transfers around the Gulf of Oman also remained relatively low last week, according to maritime analysts.
The volatile situation, along with repeated Houthi attacks on Saudi energy infrastructure, has kept the price of oil high, with the international benchmark Brent price remaining above $104 per barrel on Thursday.
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