How the US and Middle East allies flipped the oil script on Iran
Aided by the US Navy, Saudi, Kuwaiti, Qatari and Emirati oil companies have chartered oil tankers to turn their transponders off and shuttle oil out of the Persian Gulf, through the Strait of Hormuz, to the Gulf of Oman, where they offload their crude to waiting tankers owned by their customers and then head back through the strait.
With the two countries locked in an intractable quagmire of a war, the battle over control of the strait has kept oil – especially gas, diesel and jet fuel – at uncomfortably high prices for consumers, boosting inflation and shrinking their disposable income.
It has become an effective strategy, according to the US Department of Energy, which says oil traffic through the Strait of Hormuz has averaged between 8 million and 9 million barrels per day.
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