Iranian Ship Attacks Threaten Middle East Oil Exports as Tanker Traffic Slows
A surge in Iranian drone attacks on commercial ships appears to be weighing on Middle Eastern energy exports through the Strait of Hormuz, with 24 attacks reported so far this month. The latest reports from Wednesday morning indicate that two Emirati container ships were struck and sank in the narro
Source: OilPrice.com
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DW NOTE
Iran closed the Strait of Hormuz on February 28. Seven months later, only two ships are getting through where 85 used to pass each day, and WTI is at $96 — still 15% below the year's high. Either the world found alternative supply faster than the textbooks said it could, or demand destruction is doing more work than anyone wants to admit.