Iran Seizes Two Oil Tankers

Posted on 05/04/2023

Iran seized a second oil tanker in international waters on May 3, 2023. It occurred in the Strait of Hormuz. The ship was forced toward Iranian waters. Iran’s Mizan news reported that a judge in the country ordered it seized, but it is not known why. The latest ship was the Niovi, of Greece’s Smart Tankers. Days ago, Iran seized Chevron’s Advantage Sweet oil tanker. A tanker thought to be carrying Iranian oil, Suez Rajan, had disappeared before the seizures. Suspicions are circulating that the U.S. seized it, but the U.S. has not commented. The Greek Ministry of Maritime Affairs had warned of potential danger for ships in the area before the Niovi was taken.

Oil Market

Oil has dropped below US$ 69 a barrel on recession fears. In a surprise in April, OPEC+ vowed to reduce production by 500,000 barrels a day. Following the U.S. Federal Reserve’s latest rate hike, oil dipped 4% on the day.

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