Strait of Hormuz logs slowest tanker day since July
Brent crude climbed to $105 per barrel on Thursday morning and West Texas Intermediate rose to more than $92 per barrel, with the price gains following a sharp slowdown in oil tanker traffic through the Strait of Hormuz.
The White House told The Hill that the United States is “in a very strong position with control of the Strait of Hormuz and the Iranian economy collapsing,” and that “all options” are available to President Donald Trump to launch more strikes on Iran.
Those comments came a day after The Atlantic reported that Trump and his administration are considering more military actions against Iran ahead of the Nov. 3 midterms. Talks of more strikes are expected to heat up after the elections, UPI reported.
The price hike followed a greater slowdown in oil tanker traffic through the Strait of Hormuz, according to UPI. Only seven tankers trekked through the strait on Tuesday — less than half of the prior seven-day average — making it the slowest day of oil transport through the waterway since July 23.
Iran has continued to exercise control over the Strait of Hormuz, launching what UPI described as a record number of attacks on commercial ships in recent weeks. Ten oil tankers were hit during the week of Sept. 28 to Oct. 4, the most recorded in a single week during the war.