Crude oil and petroleum exports from the Middle East sharply dropped over the past week as attacks on commercial vessels transiting the Strait of Hormuz have intensified.
Maritime transit in the region has suffered drastically since the US and Israel’s attacks on Iran on February 28, followed by Tehran’s effective closure of the vital waterway and a subsequent American naval blockade.
Attacks on commercial vessels in the Strait of Hormuz reached a new peak this year over the past week.
At least 14 incidents of attacks, attempted strikes and obstructions were recorded in and around the Strait of Hormuz on October 5–12, while six ships were attacked on Monday alone, according to the UK Maritime Trade Operations and global maritime security sources.
Commercial vessel traffic via the strategic chokepoint fell to its lowest since July 22, affecting outward energy flows.
Oil, petroleum and liquefied natural gas (LNG) exports from the Middle East plummeted in the wake of the war, and while there have been signs of partial recovery, intensifying security risks sparked concerns.
Houthi militia increased their attacks on Saudi Arabia, threatening transit through the Bab al-Mandab Strait, which connects the Red Sea to the Gulf of Aden and the Indian Ocean.
Vessel transits through Bab al-Mandab, Hormuz hit new low
Middle Eastern crude oil, petroleum and liquid chemical exports, including shipments from the Gulf of Oman and the Red Sea, fell from 21.1 million barrels per day on October 8 to 6.7 million barrels on October 11, 10.4 million barrels on Monday and 8.3 million barrels on Tuesday, according to Kpler.
The weekly average of 17 million barrels remained below the pre-war volume of around 23.3 million barrels per day.
Only six commercial ships were able to transit the Strait of Hormuz on Monday, while previously 32 ships passed through on October 8, 24 on October 9, 11 on October 10 and 12 on October 11.
Meanwhile, vessel transit through the Bab al-Mandab Strait also dropped, with 35 vessels passing through on October 8, 39 on October 10, 46 on October 11 and 32 on Monday.
The attempts by the Houthis to establish a naval blockade on Saudi Arabia to seize control of the Bab el-Mandeb corridor added a new volatile dimension to the wider conflict.
Large-scale supply disruptions across both the Strait of Hormuz and the Bab al-Mandab Strait could pressure global energy supplies and market stability even further, analysts say.
