Despite an escalation in Iranian attacks on commercial vessels, crude exports through the Strait of Hormuz averaged about 11.1 million barrels per day in October, compared with 16 million barrels per day before the war. In March, exports had plunged nearly 90% to 1.8 million barrels per day before rebounding as the U.S. military provided protection and the shipping industry adapted to wartime conditions. At least 30 vessels were hit in October, injuring at least 16 seafarers, while Brent crude traded above $117 per barrel. Shippers introduced a shuttle and cargo-transfer system, but it requires more vessels, equipment and experienced crews, while transportation costs rose from about $6.50 to $21 per barrel. Around 20% of the world’s supertanker fleet is now tied up in these operations, whose sustainability depends in part on continued U.S. military air support and the political situation in the United States.
Source: Read the original article
