U.S. Forces Destroy Six Iranian Boats as 1,500 Ships Remain Trapped in Gulf

The vessels’ operators have not been publicly identified by the U.S. government in reports on the intercepted tanker.

Exxon Mobil CEO Darren Woods projected it could take as long as two months for oil flows to normalize once the strait reopens. Chevron CEO Mike Wirth said the narrow sea lane must be methodically cleared of mines before tankers can resume transit. Hundreds of vessels currently trapped in the Persian Gulf will also need redeployment.

ConocoPhillips Chief Financial Officer Andrew O’Brien noted that a grace period existed in March and April while pre-war tankers completed their voyages, but those cargoes have now all arrived. About 1,500 ships and their crews are trapped in the Gulf due to the Iranian blockade in the Strait, according to the head of the UN’s International Maritime Organization.

The UAE has quietly moved hidden oil tankers through the strait to maintain exports. Cargo-empty, U.S.-sanctioned tankers are still arriving.

Shell reported nearly $7 billion in profit after oil prices surged. Higher crude prices, which briefly reached $126 per barrel last week, strengthened the company’s trading operations even as its physical production volumes declined. The company recorded a 10 percent drop in global oil volumes due to disruption at its Pearl GTL facility in Qatar, which was struck by a missile.

Overall oil and gas output fell 4 percent from the previous quarter. Similar profit increases were reported by BP and other European oil companies. Shell reduced its quarterly share buyback to $3 billion from $3.5 billion while raising its dividend 5 percent.

Net debt rose 27 percent to $52.6 billion. African nations are accelerating plans for greater self-reliance in oil, gas and fertilizer production after the Hormuz closure exposed supply vulnerabilities. The last planned Middle East oil tanker to reach California arrived this week carrying two million barrels from Iraq.