Key facts
- Oil prices reached a one-month high due to increased tensions in the Strait of Hormuz.
- Tanker traffic in the Strait of Hormuz has fallen to a five-week low.
- Iran is estimated to have moved 12 million barrels of crude oil in 'dark mode' between July 7 and July 14.
- Six sanctioned supertankers transited the Strait of Hormuz outbound with their tracking systems switched off.
Oil prices have surged to a one-month high amid escalating tensions in the Strait of Hormuz. Iran is estimated to have moved approximately 12 million barrels of crude oil in 'dark mode' during the week of July 7-14, following the U.S. decision to renew its blockade on Iranian ports and oil cargoes. This period coincided with the U.S. military striking targets in Iran and Treasury canceling waivers on Iranian oil sales.
Six sanctioned supertankers, without waivers to sell crude without penalties, have reportedly transited the Strait of Hormuz outbound to the Gulf of Oman with their transponders switched off, a practice known as 'dark mode.' This maneuver allows Iran to move its oil despite international sanctions.
Overall tanker traffic in the Strait of Hormuz has fallen to a five-week low. Despite this, Saudi Arabia shipped 34 million barrels of crude oil through the waterway since June 17. The U.S. reimposed its naval blockade on Iran, contributing to the price increase.