Strait Showdown: Tankers Turn Back Amid Rising Tensions
Supertankers near the Strait of Hormuz are altering their routes following U.S. military actions in Iran. This has resulted in increased shipping costs and fears of potential oil supply disruptions. Tankers are minimizing time in the conflict zone, using alternative routes, as oil prices hit five-month highs.
Supertankers have made significant route changes near the Strait of Hormuz following U.S. military actions in Iran, as shown by shiptracking data. The ongoing regional violence has prompted vessels to reconsider their journeys due to heightened risk threatening global oil supplies.
The potential closure of the strait by Iran, which funnels 20% of the world's oil and gas, has resulted in forecasts of oil prices surging to $100 per barrel. Supertanker rates have skyrocketed to over $60,000 a day, more than doubling in a week amid concerns over supply disruptions.
Recent data illustrates how carriers like Coswisdom Lake and South Loyalty are navigating the tension by making U-turns, rerouting to safer waters. Observations suggest changes in regional tanker courses, with many ships choosing to wait proximate to their loading times to avoid conflict zones.
(With inputs from agencies.)
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