Oil Prices Swing as Strait of Hormuz Risks Offset Recovery in Gulf Exports.
Global oil prices experienced mixed movements on Thursday, reflecting continued uncertainty in energy markets. According to industry website OilPrice.com, West Texas Intermediate (WTI) crude climbed 0.62% to $88.83 per barrel, while Brent crude declined 0.38% to $100.20. Meanwhile, Abu Dhabi’s Murban crude gained 0.47%, reaching $106.69 per barrel.
The contrasting price movements highlight the tension between recovering oil shipments from the Middle East and ongoing security concerns surrounding the strategically important Strait of Hormuz.
Brent crude has remained relatively resilient, struggling to move firmly below the $100-per-barrel threshold. In contrast, WTI has experienced a notable decline, falling from $105.83 on September 15, 2026, to $88.83 in early Thursday trading.
Despite signs of improvement in crude exports from Gulf countries, significant challenges continue to affect global oil markets. Elevated shipping costs, expensive war-risk insurance premiums and the operational difficulties associated with alternative transportation routes are contributing to persistent price fluctuations.
Furthermore, reported attacks on oil tankers near the Strait of Hormuz have intensified concerns about maritime security, maintaining a geopolitical risk premium in global crude prices.
Strait of Hormuz Continues to Pose Major Supply Risks
Recent maritime shipping data has further highlighted the continuing uncertainty surrounding the Strait of Hormuz, reinforcing concerns about potential disruptions to global oil supplies.
According to maritime security sources quoted by Reuters, at least 12 incidents involving attacks, attempted assaults or harassment of oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) tankers were reported near the Strait of Hormuz between September 28 and October 5.
This represented the highest number of such incidents recorded in a single week since the beginning of the Iran war, highlighting continued threats to commercial shipping in the region.
In one incident, 12 crew members aboard the Panama-registered oil tanker On Peace sustained injuries after the vessel was reportedly hit by an unidentified projectile.
Despite these security challenges, major Gulf oil-producing nations have successfully recovered significant portions of their export capacity by relying on alternative transportation arrangements.
These include expanded use of oil pipelines, shipping routes that bypass the Strait of Hormuz and ship-to-ship transfers to maintain crude deliveries to international markets.
According to energy analytics company Kpler, crude oil and condensate exports from Gulf producers, excluding Iran, reached at least 16.5 million barrels per day in September, bringing shipment volumes close to their pre-war average.
However, the routes used to transport these supplies have changed considerably. Only approximately 60% of exported volumes passed through the Strait of Hormuz, compared with 83% before the conflict.
The figures demonstrate how Gulf exporters have increasingly turned to alternative supply routes to maintain oil shipments while reducing their dependence on the strategically sensitive waterway.
