Hormuz Traffic Revives as Middle Eastern Oil Exporters Bypass Attacks

Oil shipments through the Strait of Hormuz are on the rise as Middle Eastern countries find ways to bypass the tanker attacks that nearly halted traffic. Iraq's State Oil Marketing Organization (SOMO) is in intensive negotiations with foreign shipping companies, including a German company, to ensure the transport of its oil.

The Iranian regime has agreed to allow Iraqi oil tankers flying the Iraqi flag to pass through the strait without transit fees. However, Baghdad still needs US approval or authorization to finalize this arrangement.

Saudi Arabia is also using a covert method called 'shuttling' to transport its oil through the Strait of Hormuz. The country has started offering oil cargoes off the coast of Oman, with some tankers carrying cargoes from inside the Persian Gulf through the strait before transferring them to other ships in the Gulf of Oman.

According to satellite data, a significant number of Saudi very large crude carriers have gathered outside the Persian Gulf, indicating increased shipments through the Strait of Hormuz. In July, Iraq exported around 49 million barrels of oil, with over 30 million passing through the strait.