A Saudi-owned tanker was struck in the Strait of Hormuz on September 2, killing two Filipino seafarers, as Iran added 11 vessels to its non-compliant list and Brent crude climbed to nearly $96 a barrel.
Saudi Arabia said the tanker, owned by its national shipping company, was hit in an Iranian attack, according to Reuters. Iran has countered that two tankers struck mines, but that account remains uncorroborated. The strike followed a September 1-2 exchange in which U.S. forces struck Iranian military targets and Iran fired on U.S. bases in Jordan, Bahrain, Kuwait, and Iraq; no further exchange has been reported since.
Transit volume through the strait remains near a standstill: IMF PortWatch recorded just six crossings on August 30 against a typical 85. War-risk insurance is holding at 3-10% of hull value, roughly $3-10 million on a $100 million tanker, up from a pre-crisis 0.25%, with six P&I clubs still withdrawn from Gulf cover.
IAM Member Impact: Members with Gulf-facing shipments should continue routing via Cape alternates (Salalah, Aqaba, and Khor Fakkan are the primary hubs cited by carriers) and build in the associated transit extension.
Source: Move One Situation Report