Escalating war tensions in West Asia are weighing heavily on global oil shipments, with the Strait of Hormuz, one of the world’s most strategically important waterways, now in turmoil. Repeated attacks on oil vessels using the route are pushing energy prices higher worldwide. Supertankers that carry crude in enormous volumes are among the ships being badly damaged, adding to unease in the global market.
Supertanker losses mount
About 3.5 percent of the world’s supertankers have been destroyed in the West Asian conflict, according to the figures reported. Since the end of February, roughly 30 Very Large Crude Carriers (VLCCs) have been struck and damaged in the Hormuz area. More than 900 VLCCs are currently in service worldwide, so damage to 30 of them is placing a heavy burden on the shipping system.
The International Maritime Organization (IMO) said 11 supertankers were attacked in October alone. Each of these vessels can carry up to 2 million barrels of crude. Lower transport costs and available discounts lead oil companies and ship owners to favor supertankers for moving fuel. The IMO has warned, however, that in times of tension these same vessels become prime targets for adversaries.
Record attacks in October
October has brought a record surge in attacks on merchant shipping in the strait. More than 130 vessels, large and small, have been damaged on the route since Feb. 28, when the conflict began, and international reports say 28 vessels were attacked in October alone.
The deadliest day came on Oct. 22, when seven oil vessels were targeted in a single day, underscoring the persistent fear in the region.
Prices ease slightly
Crude prices, which had climbed sharply, dipped modestly on Monday. Brent crude fell 1.3 percent to $115.19 per barrel in the international market. Pressure on the market eased after U.S. President Donald Trump said Washington was exploring diplomatic channels to resolve its disputes with Iran and reach an agreement.
Countries around the world are now watching to see when calm will return to the Strait of Hormuz and when the crisis in oil markets will finally subside.