FACTBOX: Gulf attacks resume as US, Iran remain at odds over Strait of Hormuz passage

At least four ships have been attacked, along with the UAE's Fujairah oil hub, since US President Donald Trump said the American military would support commercial vessels seeking to transit the Strait of Hormuz and Iran threatened to retaliate.

Iran announced new control zones through the waterway while declaring that it would strike non-compliant ships attempting to transit.

The Strait of Hormuz is a critical global chokepoint through which approximately 20%-25% of the world's seaborne oil trade transits, along with significant flows of fuels and fertilizers. In April, only 396 ships transited the strait, a 90% decline from February levels, according to S&P Global Commodities at Sea.

Here are the latest developments in the Gulf region:

Breakdown of incidents

Maritime authorities reported at least four ship attacks since May 3, and the first attack on the UAE's Fujairah oil hub since March 17, according to data compiled by Platts, part of S&P Global Energy.

• The first incident, reported on May 3, involved a northbound bulk carrier 11 nautical miles west of Sirik, Iran, that was attacked by multiple small craft, UK Maritime Trade Operations said on its website. It was reported at 1130 GMT on May 3.
• On May 3, an unidentified tanker was attacked by unknown projectiles 78 nautical miles north of Fujairah in the UAE, UKMTO said on X, the third ship incident reported that day.
• Earlier on May 3, suspicious activity was reported in the vicinity of Ras al-Khaimah, another emirate of the UAE, with several masters reporting that they had been directed via VHF broadcast to move from their anchorages, UKMTO said on X.
• On May 4, the Barakah MV oil tanker was struck by two Iranian drones off the coast of Oman while transiting the Strait of Hormuz, ADNOC Logistics & Services said in a statement on X May 4.
• The UAE's Fujairah oil hub was attacked by a drone coming from Iran on May 4, causing a large fire, the Fujairah media office said on X, in the first incident reported on Fujairah since March 17. Fujairah has been attacked in at least seven confirmed instances since the Feb. 28 war began with Iran.
• The South Korean ship HMM Namu was damaged after an explosion and fire while anchored in waters near the UAE inside the Strait of Hormuz, South Korea's Ministry of Foreign Affairs said in a statement May 4.

Trade flows

While crude oil exports for the major Gulf producers dropped to a record low, Fujairah has increased shipments, taking advantage of its location outside the Strait of Hormuz.

• Crude oil exports from Saudi Arabia, including via the Red Sea, the UAE, Iran, Iraq, Kuwait, Oman, Qatar and the Neutral Zone shared between Saudi Arabia and Kuwait averaged 9.1 million b/d in April, the lowest since at least 2016 and down from 10.2 million b/d in March, according to CAS data as of May 5.
• About 163 million barrels of crude oil were on tankers positioned west of the Strait of Hormuz as of May 3, including an estimated 43 million barrels of Iranian crude and 42 million barrels of Saudi crude oil, according to CAS.
• Crude oil exports from Fujairah averaged 2.475 million b/d in April, up from 1.829 million b/d in March, the CAS data shows. Fujairah is one of the few ports in the region that have been exporting Gulf crude because it sits outside the Strait of Hormuz and is supplied by pipeline.
• Fujairah exported 2.3 million b/d of ADNOC's flagship light sour Murban crude in April, up from 1.8 million b/d in March, the CAS data shows.
• Fujairah's refined products exports averaged 415,000 b/d in April, up from 219,000 b/d in March. Fuel oil shipments were down to 98,000 b/d in April, compared with 325,000 b/d in February.

Prices

Crude oil futures rallied on May 4 following the attacks.

• NYMEX June WTI settled up $4.48/b at $106.42/b and ICE July Brent traded $6.27/b higher at $114.44/b.
• Platts Dubai was assessed at $102.81/b on May 4 at the close in Singapore, down 8.4% day over day and before some of the attacks were reported. Assessments for Dated Brent were closed on May 4 for the UK bank holiday. It was last assessed at $117.95/b on May 1.
• Platts assessed marine fuel 0.5% sulfur delivered at Fujairah at $895/mt on May 4, up 0.6% day over day and higher than the $517/mt marked on Feb. 27. The assessment for Singapore, the world's largest bunkering hub, was $807/mt on May 4, up 0.4% day over day.