Iran has fast-tracked the departure of approximately 11 million barrels of crude oil on five supertankers and one Suezmax vessel within the last 24 hours. This move comes as strikes between the U.S. and Iran threaten to escalate into another blockade on Iran's ports, according to a Bloomberg report cited by Middle East Eye. Four of these vessels signaled positions in the Gulf of Oman, with another transiting the Strait of Hormuz, based on tanker-tracking data.
The dispatch of these vessels followed a second day of U.S. military strikes that targeted civilian infrastructure, including railway bridges. These attacks resulted in 14 fatalities and 78 injuries, with 47 individuals remaining hospitalized, as reported by Iranian health ministry spokesperson Hossein Kermanpour. The escalating tensions have significantly impacted the energy market, pushing oil prices up nearly 9% this week to trade near $79 a barrel.
This urgent action by Iran comes after the Trump administration revoked a waiver that had temporarily lifted oil sanctions, following attacks on several vessels in Qatar and Saudi Arabia attributed to Iran on Tuesday. The 11 million barrels of oil represent close to a week's worth of Iran's pre-war exports, although it is uncertain if there are immediate buyers for these shipments. The Strait of Hormuz, a crucial waterway through which a fifth of global oil and gas supplies pass, has become a major flashpoint, with traffic through the strait falling steeply from an average of 138 ships per day to just 23 tankers and cargo ships on Wednesday.
The current situation jeopardizes the Islamabad memorandum of understanding (MoU), which previously allowed Iran to produce, sell, and deliver crude oil until August 21 and committed Tehran to a toll-free Strait of Hormuz for 60 days. The deal also stipulated negotiations with Oman and other Gulf states to define future administration and maritime services in the Strait. However, the waiver was canceled after Iran attacked vessels, and Iran's Islamic Revolutionary Guard Corps (IRGC) navy has warned of a "crushing response" to further U.S. intervention, asserting its intention to potentially introduce transit fees after the 60-day period.
