CNBC reported on October 30 that more commercial ships were attacked in October than in any other month of the Iran war, while crude was still moving through the Strait of Hormuz. Citing International Maritime Organization data, it said at least 30 vessels, mostly oil tankers, had been hit as of October 27, with at least 16 seafarers injured. That doubled September’s 15 confirmed incidents, the report said.
Kpler data in the same article put average October crude exports through the strait at nearly 11.1 million barrels a day, about 2% below September. The week ended Wednesday was much weaker, at 7.3 million barrels a day, more than 40% under the prewar baseline. Brent traded above $117 on Friday, and crude was up more than 13% on the month. A Braemar analyst said hiring a supertanker from the Gulf of Oman to Asia rose from $249,000 a day in early September to more than $900,000 in the first week of October, about $21 a barrel versus $6.50.
Those are reported attack counts and freight costs, not an EIA pump survey. The latest U.S. retail reading showed gasoline down and diesel up, and EIA did not tie that week to Hormuz.
Has October’s Hormuz violence been shown to raise U.S. gasoline? No U.S. gasoline increase was established. The reported facts are the war’s heaviest attack month, volatile crude flows, and a sharp rise in tanker freight.