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After Iran Attacks US Military Bases in Iraq, Petrobras and Saudi State-Owned Company Temporarily Suspend Ship Traffic through Strait of Hormuz in the Middle East
After Iran attacked two military bases used by the United States in Iraq, Petrobras and the Saudi state-owned oil operator Bahri temporarily suspended ship traffic through the Strait of Hormuz, in the Middle East. Tensions in the region have reached high levels in recent days. An attack by the United States killed General Qassim Suleimani, considered the second highest official in Iran, on Friday, December 3.
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According to a statement made on Wednesday by the Dow Jones news agency from the New York Stock Exchange, Petrobras prohibited traffic because daily transport fees for very large crude carriers in the strait increased by about US$ 20,000 on the night of Tuesday, the 7th, reaching US$ 130,000.
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In a note, the Brazilian state company stated, “The company evaluated the mentioned scenario and, together with the Brazilian Navy, decided to avoid, for the moment, passage through the Strait of Hormuz.”
Petrobras added, “This change will not impact fuel supply in Brazil. Local developments continue to be monitored and assessed.”
The Saudi company Bahri sent a note to clients and brokers that the “Wall Street Journal” obtained, stating that it advised against navigating through the Strait of Hormuz until 4 PM local time on January 8 (10 AM Brasília time).
Approximately 20% of global oil supply passes through the Strait of Hormuz, between the Persian Gulf and the Indian Ocean, and any disruption of ship traffic can affect markets.
At around 9 AM Brasília time, the price of Brent crude oil, the benchmark in Europe, was up 0.49% compared to yesterday’s closing, reaching US$ 69.5. Yesterday, the price exceeded US$ 70, reaching US$ 71.75, following the announcement of the attack.
