“Unknown projectile” Loses Its Punch
[ Read My Iran Stuff ] October was the busiest month of the tanker war. Lloyd's List counted 28 attacks on shipping, the most of any month since February. Tankers burning off Qatar, off the UAE, off Khasab. A container ship sank. Unlike March, however, this time the oil kept coming. Because this is oil we are talking about here, not Christmas toys from China. In the week through October 18, about 14 million barrels a day moved through Hormuz. That's roughly 60% - 80% of prewar levels, depending on the accountant. Either number would have been unthinkable in May. Meanwhile about 40% of Gulf crude now goes around the Strait by pipeline, against 17% before the war. Total Gulf exports actually topped prewar levels. Iran has never tried harder to close Hormuz. It has never mattered less. And that is why I said in my last post that Iran is starting to lose the war strategically. On July 31 I wrote that Hormuz wouldn't open as long as the IRGC kept hitting oil tankers. I was ...