Is Iran charging a toll to allow oil traffic through Hormuz?
Summary
Oil exports from the Middle East have risen above levels before the US-Israel war with Iran that began in February, despite Iran’s efforts to block the Strait of Hormuz. Some analysts suggest Gulf countries might be paying Iran a toll to let oil tankers pass safely through the strait, although this claim has not been confirmed.Key Facts
- Middle East oil exports reached between 19.5 and 22.5 million barrels per day in late September, above the pre-war average of about 18 million bpd.
- The Strait of Hormuz is a key route for around one-fifth of the world’s oil and gas exports.
- Iran has tried to blockade the strait and attacked vessels since the war with the US and Israel started.
- US military ships have been escorting oil tankers through the strait to protect them.
- Ship-to-ship oil transfers have increased to reduce the risk of attack.
- A Kpler analyst suggested some Gulf countries are paying Iran a fee for safe passage, which could be a large share of the oil value.
- This “toll” theory is speculation and has not been independently verified.
- The closure or disruption of the strait has raised global fuel prices and affected agriculture worldwide.
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