Three ships were attacked in the Strait of Hormuz on July 7, marking the largest volume of incidents since an interim US-Iran peace deal in June. This led to a heightened threat level in the region from "substantial" to "severe." Among the vessels hit were the Al Rekayyat gas carrier, owned by Qatar's state-owned shipping company Nakilat, and a Saudi crude oil tanker. This marks the first time an LNG tanker from Qatar has been attacked since the war began in late February, significantly impacting efforts to revive exports.
Following the attacks, the International Maritime Organization (IMO) urged ships to avoid transiting the Strait of Hormuz if crew safety could not be assured, citing the grave danger to nearly 6,000 seafarers. The US also revoked a sanctions waiver for Iranian oil exports, replacing it with a 10-day wind-down period, effective immediately, meaning no new purchases or loadings of Iranian crude are permitted after July 7. This decision, described as a significant move by analysts like Brett Erickson of Obsidian Risk Advisors, suggests the ceasefire is less stable than previously thought, according to Bob McNally, president of Rapidan Energy Group.
Several vessels reacted to the elevated risk, with at least four oil and gas tankers, including LNG tankers Al Ghariya, Duhail, and Al Ruwais, turning back from attempting to transit the Strait of Hormuz. Oil prices surged, with Brent crude nearing $76 a barrel, an increase of nearly 6% in post-market activity. Traffic through the strait on July 7 was notably low, with only about 16 vessels transiting, significantly below the pre-war daily average of 125 sailings. Qatar and Saudi Arabia have condemned the attacks, holding Iran responsible.
