Energy

Iran Says Supertanker Hit by Mines in Strait of Hormuz

A supertanker caught fire after hitting two naval mines in the southern Strait of Hormuz, Iranian state media reported on Monday, citing Iran’s Islamic Revolutionary Guard Corps. The tanker was trying to transit the Strait illegally, the Revolutionary Guards said in a statement carried by Iranian me

Source: OilPrice.com

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DW NOTE

Iran blamed mines. The Strait has been functionally closed for a week — 3 ships versus the usual 85 — and 2,000 vessels are stranded in the Gulf. Yet WTI is down 26% from its yearly high and fell 4.2% last week. The market is pricing this as theatre, not supply shock.

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Kuwait’s crude oil exports have rebounded to about 1 million barrels per day (bpd), recovering to two-thirds of the 1.6 million bpd shipped through the Strait of Hormuz before the Iran war, according to a senior official at state-owned Kuwait Petroleum Corporation (KPC). Kuwait has managed to ramp u

Iran Says Supertanker Hit by Mines in Strait of Hormuz

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