Seven attacks in days: The battle for the Strait of Hormuz reignites | Report

A new wave of seven attacks on oil tankers around the Strait of Hormuz is undermining the rapid recovery in oil exports from the Persian Gulf. Iran's Revolutionary Guard threatens to destroy any ship that dares to pass through the corridor, while market estimates indicate that Iran's oil reserves stored outside the country are about to run out this week.

A new wave of seven attacks on oil tankers around the Strait of Hormuz, reported since September 28 by the UKMTO agency of the British Royal Navy, is undermining the rapid recovery in oil exports from the Persian Gulf. This comes after energy companies in the region managed to restore shipping volumes almost to pre-war levels, using American escort and a complex and expensive shuttle system. Iran's Revolutionary Guard Navy issued a stern warning, demanding that ships not trust the American navy and not use the southern corridor, as they would be attacked and destroyed. Among the tankers attacked: Al Funtas, attacked on September 28, and Kazimah III, damaged on October 1, both operated by the Kuwait Oil Tanker Company. According to a US official, Tehran's strike capabilities in the strait have recently improved. Market estimates indicate that Iran's oil reserves stored outside the country are about to run out this week, raising fears of a dramatic escalation. Brent crude oil prices climbed towards $102.25 per barrel, an increase of about 5% during the week.