Middle East Oil Exports Surpass Pre-War Levels Despite Strait of Hormuz Attacks
Shipping data showed on Monday that crude oil exports from the Middle East exceeded pre-war levels on four of the seven days during the last week of September, despite attacks on vessels transiting the Strait of Hormuz. Preliminary data from vessel-tracking firm Kpler showed that crude exports from the region surpassed pre-war levels on September 24 and between September 27 and 29, ranging between 19.5 million and 22.5 million barrels per day (bpd), according to Reuters.
Exports averaged 18 million bpd between March 2025 and February of this year, before the start of the U.S.-Israeli war on Iran. The data showed that the seven-day average for crude exports reached 18.5 million bpd on October 1. These figures include transits through the Strait of Hormuz and the Red Sea, as well as exports from ports and ship-to-ship transfers in the Gulf of Oman.
Attacks on Vessels Continue
However, shipping intelligence firm Marisx said in a report on Saturday that attacks on tankers continued in and around the Strait of Hormuz, with at least seven incidents reported. The firm added that the Very Large Crude Carrier (VLCC) Kazmah 3 was apparently struck by an unknown projectile on October 1 while operating in the strait, causing a fire on board.
“All crew members were reported safe and were subsequently evacuated from the vessel,” Marisx said. Kpler data showed that Kazmah 3 was last tracked discharging 2 million barrels of Kuwaiti crude at the Ras Markaz port on the Omani coast on September 17. Kuwait Oil Tanker Company, the vessel’s owner, did not immediately respond to a request for comment outside business hours.
Impact on Suez Canal and Egypt’s Economy
Any disruption or closure of the Strait of Hormuz leads to the paralysis of Gulf oil tanker and cargo ship traffic, which represents a vital lifeline for navigation in the Suez Canal, thereby causing losses in the Egyptian state’s foreign exchange revenues. Major General Dr. Wael Rabie, an expert in regional and Israeli affairs, stated that the Suez Canal is considered the main gateway for oil and gas tankers traveling from the Gulf to Europe.
Consequently, any closure of the Strait of Hormuz practically means the disruption or decline of vessel traffic originating from the Gulf and heading to Europe via Suez, which in turn negatively impacts Suez Canal revenues.
Original Article: What Rising Tanker Risk Means for Suez Canal and Marine Insurance? — See