Oil tops $100 again after Houthi attack on Saudi tankers worsens oil supply disruption
XLE•Shipping activity falls as U.S. strikes continue
Iranian strikes on vessels crossing the Strait of Hormuz have resulted in a drop in non-Iranian oil tankers traversing the waterway. At the same time, the reintroduction of a U.S. naval blockade targeting Iranian ports has likely resulted in Iranian oil loadings falling to zero from 1.5 million to 2 million barrels per day at the start of the month, Giovanni Staunovo, a UBS analyst, said.
As a result of fewer shipments exiting the strait, loading activity within the Gulf has fallen to 2.5 million bpd over the past seven days, compared with 6 million bpd over the past 30 days, he added.
The U.S. military said it had completed a 12th consecutive night of attacks on Iran, hours after U.S. President Donald Trump vowed to destroy an Iranian bridge or power plant every time Iran shoots at a ship in the Strait of Hormuz.
