The U.S. Navy has been engaged in a covert operation to safeguard millions of barrels of oil transiting the Strait of Hormuz daily, a mission that analysts say has helped stabilize global oil markets. These stealth missions, initiated in May, have been instrumental in ensuring the flow of oil despite repeated attacks from Iran.
Throughout July, U.S. forces successfully protected tankers carrying approximately 5 million barrels of oil each day, often utilizing "shadow fleet tactics" such as disabling radar systems to evade detection near the Omani coast. U.S. Central Command (CENTCOM) approximates that over 1,000 ships have crossed the strait under its protection since the conflict began. Shipping analyst Michelle Wiese Bockmann noted the effectiveness of these operations in maintaining the southern corridor despite ongoing hostilities.
While Iran claims control over the strait, ships have continued to navigate through the Omani-controlled section, a route that has faced repeated assaults. These crossings in June and July likely prevented oil prices from reaching the triple-digit mark seen earlier in the conflict. U.S. Energy Secretary Chris Wright suggested that the actual volume of oil moving undetected could be as high as 9 million barrels per day.
The operation, however, is resource-intensive, requiring significant deployment of U.S. naval assets, including ships, helicopters, and aircraft, to intercept Iranian attacks. The cost of these interceptions is considerable, especially when compared to Iran's use of less expensive suicide drones. Furthermore, these protective measures are not infallible, with the United Nations' International Maritime Organization reporting at least 15 ships sustaining damage from Iranian fire since June. These attacks have also led to casualties, including three seafarers killed and 16 injured, with the most recent fatal incident occurring on Tuesday.
Despite these efforts, a substantial portion of the oil traffic, approximately two-thirds of pre-conflict levels, remains hindered by Iran's persistent attacks. The breakdown in negotiations between the U.S. and Iran has also contributed to market volatility, with the Brent crude benchmark spiking to $93 per barrel recently.