Saudi oil tanker dropped to the $90 mark through Hormuz under the coordination of the US military

The Zhitong Finance App learned that Saudi Arabia's major shipping companies are coordinating with the US military to send some tankers through the Strait of Hormuz to increase oil supply. This critical waterway helped push Middle East oil exports close to pre-war levels.

Bahri Ship Management President Khalid Alhammad said at an event in Dubai on Tuesday that Saudi Arabia is cooperating with the US government to support tanker traffic. He said the company sent four ships through the strait that day.

Traffic waves over the past two months have brought the overall volume of oil transportation in the Middle East close to pre-conflict levels, even though Iran's attacks on oil tankers have escalated. In order to increase its market share in Asia, Saudi Arabia has increased oil exports through this turbulent gateway. In September, a backup Saudi oil pipeline was attacked, causing the route to the Red Sea to be closed for several days.

Bahri, officially known as Saudi National Shipping Company, has played a key role in boosting state-owned oil producer Saudi Aramco's exports through the Strait of Hormuz. Alhammad said that Gulf State shipping companies like Bahri had no choice but to continue to pass through the waterway.

“We have to keep transporting energy.” he said.

Bahri CEO Ahmed Al Subaey said in last month's results statement that several of the company's ships were attacked in the third quarter, and two crew members died in the incident. He claimed that the regional war had caused “an extremely complicated operating environment.”

International oil prices continued to fall. As of press release, Brent crude oil futures fell 2.03% to 90.69 US dollars/barrel; WTI crude oil futures fell 1.99% to 85.12 US dollars/barrel.