Iran escalates Hormuz surveillance and attacks, causing oil flow to crash and prices to rise
Iran's military announced it has deployed new units to expand surveillance of the Strait of Hormuz, while an Iranian official stated that Tehran began using different offensive tactics against vessels about 10 days ago, leading to a surge in attacks. Ships in the Strait have experienced the worst spate of attacks since the US-Israel war on Iran began in late February. Maritime tracking firm Kpler reported 10 tanker attacks between September 28 and October 4, with another on October 5. The UK Maritime Trade Operations (UKMTO) recorded 15 additional attacks from October 6 to October 14, with 11 occurring in the past four days. Consequently, oil flows through the waterway plummeted to 2.9 million barrels on October 11, significantly down from 20.8 million barrels on October 8 and the pre-war average of 17.1 million barrels per day. Brent crude futures rose 0.8% to $106.58 a barrel on Wednesday. A US military official confirmed Iran's tactical shift to using unarmed spotters and stated that US forces confronted and destroyed one such Iranian vessel. The US Navy-led Joint Maritime Information Center (JMIC) maintains the threat to merchant shipping in the Strait of Hormuz as "severe."
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