"Middle East Oil Transport Faces Worst Crisis Since Outbreak of Iran War"

▲ Strait of Hormuz

Middle East oil transport is facing its most severe crisis since the outbreak of the war with Iran as tanker attacks continue in the Red Sea following the Strait of Hormuz, the BBC reported on August 3 (local time).

According to shipping analytics firm Kpler, only 8 vessels passed through the Strait of Hormuz on August 2, and 11 vessels on August 3.

Before the war, an average of more than 100 ships passed through the strait daily.

Although traffic volumes increased again after the U.S. and Iran agreed to a temporary ceasefire in early June, ship traffic plummeted once more as military clashes between the two sides resumed.

Some vessels carrying Saudi Arabian crude oil have been utilizing the Red Sea route between Saudi Arabia and West Africa as an alternative path.

However, risks have escalated as Yemen's pro-Iran Houthi rebels have successively attacked Saudi oil tankers utilizing this alternative route.

While the Houthi rebels' attacks are limited to Saudi vessels, total traffic volume has dropped to half of normal levels.

In particular, oil tankers passing through this route carrying crude oil exported to the Asian region have decreased to about 4 ships per day.

According to Kpler, this is the lowest level since the outbreak of the war.

"In terms of threats to crude oil trade, this is the most severe period since the crisis began," said Matthew Wright, an analyst at Kpler.

There are also projections that even if the Strait of Hormuz reopens, it will take considerable time for global shipping to normalize.

This is because shipping services have been suspended and vessels have been redeployed to other regions, meaning it will take around 3 to 4 months to restore normal logistics flows.

"Security threats are spreading, and the situation is increasingly worsening and growing more complex," said Tim Wilkins, Managing Director of the International Association of Independent Tanker Owners (INTERTANKO). "This is placing an additional burden on both freedom of navigation and the oil market."

(Photo: AP, Yonhap News)

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