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Crude oil rises as attacks disrupt Gulf tanker routes

Gulf exports returned to their pre-war level in September via alternate routes, but tanker attacks increased to 10 ships in the Strait of Hormuz from Sept. 28 to Oct. 4.

Reported · Written up by our desk · Energy

Crude oil prices climbed with Gulf crude exports shifting through two routes, including a shuttle across the Strait of Hormuz and a detour around it, as tanker attacks and Houthi missile activity continued to affect maritime traffic, FXStreet reported.

The outlet said crude oil was trading just above $92.00 and was on track for its biggest one-day rise since Sept. 10. Kpler counted 10 tankers struck in the strait between Sept. 28 and Oct. 4, versus a previous weekly high of six, while only seven tankers crossed on Tuesday, below the seven-day average and the fewest since July 23.

FXStreet also cited an incident reported by UKMTO, saying a tanker was hit by projectiles about 51 nautical miles off Qatar’s north coast. Separately, Iran’s Revolutionary Guard said it is ready to respond decisively to vessels it says it has not authorised to enter waters it controls.

The Baltic Exchange figures cited by FXStreet showed hiring a tanker from the Gulf to China cost a record $1.3 million a day on Monday, a cost now factored into the price of barrels shipped on that route. The report also said that in September, 60% of Gulf exports still crossed the strait, most of it shuttled between tankers off Oman and the United Arab Emirates.

Latest closeWTI crude $89.70 ▼1.6%

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