Record-Breaking Oil Shipment Crosses Strait of Hormuz Under U.S Naval Escort
40 oil tankers carrying approximately 18 million barrels of crude crossed the Strait of Hormuz on Tuesday, escorted by U.S Navy ships. This marks the highest volume of oil shipped through the waterway in a single day since the U.S-Iran war began.
The recent figure is substantial, equal to 90% of the pre-war volume, which saw around 20 million barrels of crude and petroleum products crossing the Strait daily during peaceful times. The increased activity highlights the risks faced by one of the world’s key maritime chokepoints for energy supplies.
U.S Navy Deploys Aircraft, Naval Ships, and Satellites to Ensure Safe Passage
The U.S Navy used a combination of aircraft, naval ships, and satellites to offer protection to the commercial tankers carrying oil and to counter Iranian drone attacks fired when the ships were crossing the waterway. The vessels were advised to keep their transponders off to prevent direct attacks from IRGC ships.
Global Energy Supplies at Risk as Strait of Hormuz Remains a Key Maritime Chokepoint
The United States aims to maintain the flow of oil through the Strait of Hormuz, while restricting Iran’s oil exports to pressure Tehran and force it to negotiate with Washington to permanently end the war. The U.S has also warned that Iran might be rebuilding its military assets, like radars or surveillance sites, which were destroyed by U.S attacks and could threaten ships.
Asia Markets Eye Alternative Oil Sources as Global Energy Supplies Come Under Pressure
Most of the crude is destined for markets in Asia, including Japan, India, China, and South Korea, which are the largest buyers of oil from the region that passes through the Strait. However, Japan and other countries are looking for alternative sources to reduce their dependency on oil from the Middle East, since this war has exposed the vulnerabilities of global energy supplies and their dependence on specific supply chains.
Shipping Companies Cautious Despite U.S Protection
Shipping companies are cautious about sending their ships through the waterway even after the U.S has promised protection, since war risk premiums remain high and charter rates, especially for container ships and tankers, have risen significantly. According to sources, a tanker chartered for passage through Hormuz would cost over $500,000 a day.
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Original Article: 40 Oil Tankers Loaded With 18 Million Barrels Of Oil For Asia Cross Hormuz Under U.S Naval Escort — Marineinsight