Gulf nations keep oil flowing despite Iran war as costs mount
Gulf exporters are using pipelines, ship-to-ship transfers and detours to offset blocked routes, while spot charter rates hit $1 million a day, Windward said.
- On Monday, Saudi Arabia joined other Gulf producers using a U.S.-guided corridor in the Strait of Hormuz after the East-West pipeline shut down following an attack earlier this month.
- The Saudis previously redirected shipments to Yanbu after Iranian-backed Houthi rebels blocked the Red Sea route in July, forcing repeated workarounds as infrastructure proved vulnerable.
- Charter rates for Hormuz transits surged to $1 million daily, while analysts estimate 6 million barrels of oil per day now pass through the Strait of Hormuz via the clandestine shuttle route.
- Adm. Brad Cooper, head of U.S. Central Command, reported Saturday that U.S. forces assisted 2,000 commercial ship transits while naval blockades and sanctions pressure Iran's economy.
- Rystad Energy forecasts oil prices between $85 and $90 per barrel in the final quarter, potentially declining to $80-$82 next year if the Strait of Hormuz reopens.
25 Articles
25 Articles
Gulf nations have found ways to keep oil flowing through the Iran war, but the costs are mounting - Regional Media News
FRANKFURT, Germany (AP) - When Iran shut down the Strait of Hormuz at the start of the war, choking off sea passage for some 15 million barrels of oil a day, many feared that prices would skyrocket, cratering the world economy. Instead, nearly seven months on, oil is expensive but not exorbitant, and analysts say the supply is pretty much sufficient to meet current global needs, even as the higher prices cause political problems for U.S. Preside…
Clarin
Independent EspañolThe closure of the Strait of Ormuz by Iran did not raise the price of oil so much thanks to alternative routes in the Persian Gulf.However, these measures are costly and temporary.The crude continues to flow, but the pressure on Iran increases.The current solutions may not be sustainable in the long term, while exploring more options.
Gulf nations have found ways to keep oil flowing through the Iran war, but the costs are mounting – WTOP News
FRANKFURT, Germany (AP) — When Iran shut down the Strait of Hormuz at the start of the war, choking off sea passage for some 15 million barrels of oil a day, many feared that prices would skyrocket, cratering the world economy. Instead, nearly seven months on, oil is expensive but not exorbitant, and analysts say...
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