Secret Oil Shipments Through Hormuz Strait Keep Prices Stable

Middle Eastern oil producers, including the UAE, Iraq, Qatar, and Kuwait, are covertly transporting large volumes of crude through the Strait of Hormuz, helping to maintain global oil prices around $80-90 per barrel despite recent conflicts and attacks on ships. These 'dark' shipments, involving tankers with turned-off transponders and oil transfers in the Gulf of Oman, exceed 4 million barrels per day and help mitigate disruptions in oil exports through the strait. However, the operation carries risks, with 23 Adnoc ships attacked since the start of the war, resulting in casualties and injuries.