Covert Hormuz oil shuttling keeps prices in check

Amid the ongoing Iran war, Middle Eastern oil producers, led by the United Arab Emirates, are covertly shuttling crude through the Strait of Hormuz to tankers in the Gulf of Oman, maintaining oil flows despite repeated attacks. This 'dark trade' has kept global oil prices stable, with Brent crude trading between $80 and $90 per barrel in August, far below the $150 feared at the conflict's onset. Volumes are estimated at over 4 million barrels per day, with Iraq, Qatar, and Kuwait also participating. Saudi Arabia is showing tentative signs of increasing its own shuttle activity as its Red Sea route faces Houthi threats. The covert operations carry significant risks, including attacks on vessels, crew casualties, and oil spills, but remain a critical lifeline for global markets.