Middle East Oil Transport Plummets as Tanker Attacks Escalate

Middle East oil transport is facing its most severe crisis since the outbreak of the war with Iran, as tanker attacks continue in the Red Sea following the Strait of Hormuz. According to shipping analytics firm Kpler, only 8 vessels passed through the Strait of Hormuz on August 2, and 11 vessels on August 3.

This is a significant drop from the pre-war average of more than 100 ships passing through the strait daily. Although traffic volumes increased after the US and Iran agreed to a temporary ceasefire in early June, ship traffic plummeted once more as military clashes between the two sides resumed.

Vessels carrying Saudi Arabian crude oil have been utilizing the Red Sea route between Saudi Arabia and West Africa as an alternative path. However, risks have escalated as Yemen's pro-Iran Houthi rebels have successively attacked Saudi oil tankers on this route.

Kpler reports that total traffic volume has dropped to half of normal levels, with only about 4 ships per day carrying crude oil exported to the Asian region. This is the lowest level since the outbreak of the war.