Vessel attacks in the Strait of Hormuz surged, yet Gulf oil exports still increased significantly, recovering to over 81% of pre-war levels in September.
According to Al Jazeera, despite a surge in vessel attacks and a continuous deterioration of the security situation in the Strait of Hormuz, oil exports from the Gulf region (excluding Iran) recovered to over 81% of pre-war levels in September. Specifically, crude oil exports from the Middle East exceeded pre-war levels on 14 days in September. On Tuesday, a Panama-flagged oil tanker was attacked by an unknown projectile while transiting the Strait of Hormuz, injuring 12 crew members. Additionally, at least seven oil tanker attacks occurred in the past week, including a Kuwaiti-flagged tanker that was hit and caught fire on October 1, and a Liberian-flagged tanker that sustained engine damage on October 4. The UK Maritime Trade Operations (UKMTO) has reported at least one attack in the Strait of Hormuz or the Gulf of Aden daily since October 2. Nevertheless, the seven-day moving average of Middle East crude oil exports reached 18.3 million barrels per day on September 30, surpassing the average of the 12 months prior to the war. Analysts believe that Saudi Arabia's utilization of east-west oil pipelines and ship-to-ship transfer systems around the Strait of Hormuz is the primary reason for the increase in export volumes. However, shipping companies face higher freight, insurance, and security costs, with Brent crude oil prices falling 0.75% to $99.57 per barrel on Tuesday, and West Texas Intermediate crude oil dropping 1.2% to $88.37 per barrel.
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