Iran has reportedly resumed covert shipments of oil through the strategic Strait of Hormuz, with at least six US-sanctioned supertankers making their way into the Gulf of Oman over the past week. These vessels, and other Iran-linked ships, navigated the critical waterway with their transponders intentionally switched off, a practice known as 'dark transits'.
This development follows Washington's decision on July 7 to revoke temporary permissions allowing Tehran to sell its oil, effectively reimposing a full blockade on Iranian ports. The heightened activity comes amid a backdrop of escalating tensions, including a third consecutive night of US military strikes against Iran on Monday.
US Actions and Economic Fallout
Former President Donald Trump, who recently reinstated the blockade, has also proposed a controversial 20% fee for protecting the Strait of Hormuz, demanding that the US be reimbursed for its security efforts in the region. This stance has added further complexity to the already volatile situation in one of the world's most vital shipping lanes.
The secretive oil movements and renewed US pressure have had an immediate impact on global energy markets. Crude oil prices surged nearly 3% on Tuesday, reaching their highest levels in four weeks. Brent crude futures rose by $1.90, or 2.3%, to $85.20 a barrel, while US West Texas Intermediate (WTI) crude climbed $1.91, or 2.4%, to $80.05 a barrel. Both benchmarks had seen even larger gains earlier in the day.
Impact on Global Oil Prices
The significant price increases are the largest daily gain for Brent crude since May 2020, occurring despite a memorandum of understanding signed on June 17 between the two countries aimed at de-escalating conflicts. Analysts suggest that the uncertainty surrounding Iranian oil supply and the security of shipping in the Persian Gulf are key drivers behind the market volatility.
While specific non-Iranian vessels might also be conducting dark transits, the focus remains on Iran's response to international sanctions and the potential for broader regional instability.