Middle East conflict: Oil above $110/bbl as vessels continue to face disruption in the Persian Gulf
Heightened maritime risks across the Persian Gulf have continued to underpin Brent crude’s price, amid persistent threats to commercial transit.
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The United Kingdom Maritime Trade Operations (UKMTO) agency has reported an alleged sighting of a vessel on fire, about 9 nautical miles north of Khasab, Oman.
The safety status of crew members is currently unknown, the UKMTO said.
Various sources have reported suspicious movement within the Gulf of Aden, potentially indicative of pirate activity, the UKMTO said in a separate report.
The UKMTO has described several sightings of suspicious small craft operating in the vicinity of commercial vessels. “One report describes a green and blue boat with two ladders and one hook with 9 persons onboard,” the agency said.
12 vessels crossed the Strait of Hormuz on Tuesday – seven inbound and five outbound, according to market intelligence provider Windward. Two of these vessels moved in dark mode. Before the war, an average of 129 vessels/day crossed the strait in February, according to UN Trade and Development.
US-Iran trade accusations again
Washington and Tehran exchanged fresh counter-accusations over maritime control and safe transit within the Strait of Hormuz.
The US Central Command (CENTCOM) has dismissed Iranian claims that commercial vessels are still hitting sea mines while transiting the region.
The US military has labelled the claims as fabricated, calling them “false” on social media platform X.
According to CENTCOM, “thousands of commercial vessels” have safely used the transit lanes within the strait and continue to do so today.
“All internationally recognized primary transit routes through the Strait of Hormuz have been cleared of sea mines by U.S. forces and remain so,” the US agency said.
More Iran-linked vessels sanctioned
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) added more Iran-linked vessels allegedly operating within Tehran’s “shadow fleet” to its sanctions list last week.
OFAC has targeted Panama- and Greece-based Roxette Maritime Shipping and Trading and seven Panama-flagged vessels it operates. Three of them, including Anemos, shipped Iranian-origin goods such as petrochemicals and steel products within the past year, according to OFAC.
“Iran relies on seemingly legitimate cargo vessels to move Iranian petrochemicals and other products, including steel,” OFAC said.
Continuing its crackdown, OFAC has designated two shipping agents – Singapore-based Amigoz Singapore and Dubai-based Whales Shipping Line – for aiding Iran’s shadow fleet operations, and blocked two small support vessels owned by Whales.
Revenue from Iran’s petroleum and petrochemical trade funded proxy groups including the Yemen-based Houthis and the Lebanon-based Hezbollah, the US Treasury said in December 2024.
By Aparupa Mazumder
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