Just one oil tanker crossed the Strait of Hormuz on Thursday, the fewest since May 7, as an escalating U.S.-Iran conflict pushed crude above $100 a barrel. Prices slipped on Friday but were still set for a weekly gain near 10%, with Houthi attacks in the Red Sea threatening a second shipping chokepoint.
Only one oil tanker passed through the Strait of Hormuz on Thursday, the lowest number of crossings since May 7, as spiking war risk drove crude above $100 a barrel again. Three vessels had made the transit the day before.
Prices eased even so. Brent crude futures traded 4% lower at $96.72 a barrel early Friday, heading toward a weekly gain of 9.7%. West Texas Intermediate slipped to $89.06, still up 8% for the week.
That Friday dip followed a run-up. Brent had settled 7% higher on Thursday, its first close above $100 since May, after the Houthis said they struck two Saudi tankers.
Hormuz traffic dries up
The New Giant, a supertanker carrying about 2 million barrels of Basrah crude from Iraq, left the strait on Thursday, bound for China’s Rizhao port in mid-August. Meanwhile, no tanker made an inbound transit into the Persian Gulf that day.
A second front in the Red Sea
Traffic through the Bab el-Mandeb Strait held relatively high despite Houthi attacks and blockade threats. Reuters calls it the second most important oil channel after Hormuz. The Iran-aligned group has emerged as a fresh threat to oil supply from the region.
Even so, some tankers turned north toward the Suez Canal to avoid the militants. Aramco, which had rerouted shipments away from Hormuz, has begun offering crude loadings at Sidi Kerir on Egypt’s Mediterranean coast.
Washington turns up the pressure
U.S. Central Command completed its 13th consecutive night of strikes on Iran, aimed at threats to vessels in the strait. In an interview with Axios, Trump signaled a wider assault: “I am considering a massive attack. Bigger than ever before.”
What comes next
Supply strain is spreading beyond the Gulf. Kazakhstan temporarily cut output after drone attacks shut its main Black Sea export terminal. That route carries about 2% of global daily crude supply.
For all the disruption, UBS still expects Brent to fall to $85 a barrel by year-end.
Sources: Oilprice.com, CNBC, Reuters
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