IRGC Turns Back Tanker in Hormuz as Gulf Oil Exports Top 22.5 Million Bpd
Updated
Updated · Al Jazeera English · Oct 5
IRGC Turns Back Tanker in Hormuz as Gulf Oil Exports Top 22.5 Million Bpd
3 articles · Updated · Al Jazeera English · Oct 5
Summary
UKMTO said an oil tanker transiting the Strait of Hormuz was ordered by Iran’s IRGC on Monday to turn back or risk being targeted, underscoring Tehran’s continued grip on the chokepoint.
19.5 million to 22.5 million bpd still left the Middle East on four days in late September, according to Kpler, with US naval escorts, offshore tanker-to-tanker transfers and pipeline diversions helping cargoes move.
Brent still traded near $101.59 a barrel despite a slight pullback and a G7 plan to release 100 million barrels from emergency reserves, as war-risk insurance and fears of renewed fighting kept prices elevated.
Kpler analyst Michelle Brohard suggested some Gulf exporters may be paying Iran 10% to 20% of cargo value for safe passage, though maritime experts said no public evidence proves a formal state-run toll system.
40% of crude now bypasses Hormuz and much of the rest changes tankers offshore, shifting the market problem from outright supply loss to scarce ships, higher freight rates and longer voyages for Asian buyers.