Iran has increased its attacks on shipping in the Strait of Hormuz. At least 23 incidents were reported in the first two weeks of October, according to data from naval groups and security consultants. Five of these incidents involved direct hits to ship engine rooms. This caused significant damage and raised concerns about energy flows from the region. The rise in attacks has led to more severe damage, with some ships out of service for months due to repairs, said Phillip Belcher, marine director at Intertanko.
IRGC Claims Responsibility
The Iranian Revolutionary Guard Corps (IRGC) took responsibility for two recent incidents where oil tankers hit mines laid by its forces. Both vessels caught fire as a result. The IRGC stated that the tankers were navigating an unauthorized route near the Omani coast. The exact details of the vessels involved and their current status were not disclosed. The IRGC also threatened to target undersea internet cables in the Gulf. They promised to unveil new weapons, indicating a potential increase in hostilities.
Impact on Global Oil Market
Despite the rising tensions, Middle Eastern oil producers have kept their supply levels steady. Preliminary data from Kpler shows oil exports slightly above pre-war levels. However, the ongoing attacks could worsen existing issues in the global oil market, especially the availability of shipping vessels. This situation is similar to events from the 1980s Tanker War, where similar tactics were used to disrupt oil transport.
The recent rise in attacks could lead to higher shipping costs and possible disruptions in oil supply. This would affect energy markets. Investors will be on the lookout for any further developments, especially any retaliatory actions from the U.S. or changes in shipping routes as tensions continue to rise.
Based on reporting by: businesstimes.com.sg, euronews.com