The United Arab Emirates and several buyers have recently sent several tankers through the Strait of Hormuz, turning off their navigation devices to avoid Iranian attacks.
This is an attempt to bring to market oil that has accumulated in the Persian Gulf due to the Middle East conflict, writes Reuters.
These volumes are only a fraction of the UAE’s usual exports (before the US and Israel’s war on Iran), but they show the risks that producers and buyers are willing to take to secure sales. Other Gulf producers – Iraq, Kuwait, and Qatar – have either stopped sales or sharply reduced prices to attract uninterested buyers. And Saudi Arabia exports only via the Red Sea.
