Matthew Wright warns that oil shipping faces its worst threat level since the start of the Iran war.
Matthew Wright, an analyst at ship-tracking firm Kpler, reports that oil shipping in the Middle East is currently facing its worst threat level since the Iran war began. This warning follows a series of attacks by Yemen's Houthi militia on Saudi tankers in the Red Sea, an alternative waterway used when the Strait of Hormuz was blocked by Iran. While the Strait of Hormuz previously handled 20% of the world's oil and gas, traffic has dropped significantly. Many vessels are now 'going dark' by turning off transponders to avoid detection. Tim Wilkins, the managing director of Intertanko, noted that the security situation is becoming increasingly complex as the high-risk area extends into Saudi Arabian waters. Iran has denied that a deal to reopen the strait is imminent, stating that any agreement would require the US to cease its 'aggression.' Despite these challenges, oil prices fell sharply after President Trump said he would cancel planned strikes on Iran to facilitate potential upcoming talks.