- Crude exports through Hormuz averaged 8.5 million bpd in the week ended Oct. 12, nearly 40% below normal prewar levels, according to Kpler data.
- The Singapore-registered GFS Pride sank in the Strait of Hormuz after an unidentified projectile struck it and caused a fire; all 21 crew were evacuated and no injuries were reported.
- More than 20 vessels, mostly oil tankers, have come under attack in October in Hormuz, the Persian Gulf and the Gulf of Oman, according to UKMTO incident reports.
- Crude exports through Hormuz hit prewar levels in September while U.S. military escorts guided tankers, then pulled back as attacks increased.
- Iran's Revolutionary Guard claimed a naval mine sank the ship, but Marisks found no independent evidence of a mine and called the claim part of a psychological operations campaign.
- Barclays' Pooja Sriram said the Fed appears prepared to raise rates further, though a hike as soon as October is unlikely; oil prices are rising again.
- Wall Street slipped after September CPI while oil extended its rally, according to a Seeking Alpha market roundup.
Quotes
“Such attacks are unprovoked, unjustifiable and a breach of international law”
“consistent with an ongoing psychological operations campaign aimed at generating fear, increasing uncertainty and discouraging commercial shipping”