Oil Tanker Attacks Suspend Iraqi Terminals and Send Brent 10% Higher
Two oil tankers, Safesea Vishnu and Zefyros, were struck in Iraqi waters, prompting suspension of Iraq's oil terminals and evacuation at Oman’s Mina Al Fahal, raising supply concerns. ING Groep’s commodities strategy head Warren Patterson said markets must worry beyond Strait of Hormuz flows after Brent crude surged 10%.
1. Tanker Strikes in Iraqi Waters
Two oil tankers, the Marshall Islands-flagged Safesea Vishnu and Malta-flagged Zefyros, were hit in Iraqi territorial waters, leading Iraq’s SOMO to suspend operations at its oil terminals and warn of threats to maritime navigation.
2. Port Evacuations and Resumptions
Ships were ordered to evacuate Oman’s Mina Al Fahal oil terminal, halting loadings for several hours before the port reopened, underscoring how the conflict has expanded beyond the Strait of Hormuz.
3. Global Oil Market Response
Brent crude surged 10% on fears of broader supply disruptions, with a record 400-million-barrel IEA release failing to fully offset the rally amid rising geopolitical tensions.
4. ING Commodities Strategy Perspective
Warren Patterson, head of commodities strategy at ING Groep NV, cautioned that markets must worry about risks beyond Strait of Hormuz flows, highlighting potential for further disruptions across the region.