Oil Shipping Industry Faces Worst Crisis Since Iran War Began

The global oil shipping industry is facing its most difficult period since the Iran war began due to increased attacks on vessels in the Middle East.

A recent wave of attacks on ships in the Red Sea has made it a high-risk route, prompting some tankers carrying oil from Saudi Arabia to switch back to using the Strait of Hormuz instead.

However, with the strait also facing threats due to Iran's blockade and renewed fighting between the US and Iran, many vessels are now switching off their tracking signals while crossing the strait to avoid being targeted.

Kpler analyst Matthew Wright noted that the industry is facing problems stacked on top of each other, including a sharp drop in traffic through the Strait of Hormuz and increased attacks on ships in the Red Sea.