Context

Last week, the number of attacks on tankers passing through the Strait of Hormuz peaked since the start of the war, while Gulf producers ramped up exports. The escalation of attacks takes place against the background of an increase in the volume of oil exported from the Gulf, but is accompanied by higher costs and risks for cargoes and crews.

What's next

“The frequency of Iranian attacks on ships is now at its highest level since the start of the war and is likely to continue to increase,” said Saul Kavonic, head of energy at MST Marquee.

ANZ analyst Daniel Hines on Thursday noted that the volumes of oil the IEA plans to release are likely part of the organization's initial plan to release 400 million barrels approved at the beginning of the conflict in the Middle East; this means that such a step obviously does not involve additional use of strategic reserves.