Dozens of laden oil tankers are hunkering down inside the Persian Gulf after attacks near the Strait of Hormuz have all but closed off the waterway, upending regional logistics, slowing exports and threatening near-term production.
At least 40 very-large crude carriers, or VLCCs, each carrying about 2 million barrels of oil, are currently idling within the Gulf, according to ship-tracking data by Kpler. Several owners and captains said that they were waiting for the security situation to become clearer before attempting to pass through the strait. Major shipping companies have also advised vessels to shelter in place.
“Inefficiencies will likely ...