Apprehension of another surge in crude oil prices

Iran has announced the blacklisting of 45 ships, alleging that they violated regulations governing passage through the Strait of Hormuz. Iran has also warned that it will take action against any vessel involved in transferring cargo with the blacklisted ships. The move raises the level of threat in this strategically important waterway for global energy supplies amid the six-month-old US-Israeli war.

Iran’s announcement could disrupt the alleged “shuttle run” operations of Gulf oil producers. Countries such as the United Arab Emirates and Saudi Arabia are reportedly using designated vessels to transport oil through the Strait of Hormuz. Oil is then transferred from ship to ship in the Gulf of Oman before being sent to its final destination. This arrangement has enabled some countries to continue exporting oil from the Middle East despite restrictions imposed by Iran on vessel movements through the Strait during the conflict.

Iran had earlier established a new body, the Persian Gulf Strait Authority, to manage vessel movement through the Strait of Hormuz. The authority said in a post on social media platform X that the designated vessels could face fines and confiscation of their cargo.

According to sources, the latest disruption could also create operational difficulties for vessels serving Indian refineries. It may also lead to a rise in crude oil prices, adding further pressure to global energy markets.

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