A key oil artery through the Middle East, the Strait of Hormuz, continues to function despite recent attacks, maintaining the flow of crude from the region. This vital sea lane handles a significant volume of crude oil transit and export. Satellite imagery reveals multiple vessels conducting ship-to-ship oil transfers outside the Strait, suggesting some tankers are still traversing the waterway through covert operations. Data from the European Union's Sentinel 2 satellite, captured on Monday, detected 12 such transfer operations across a stretch of sea spanning more than 100 kilometers (approximately 62 miles) off the coasts of Oman and the United Arab Emirates.

According to compiled vessel tracking data and estimates from Kpler and Vortexa, at least four departing supertankers have reappeared after passing through the Strait of Hormuz since Saturday, collectively carrying around 8 million barrels of crude oil. Some of these vessels had previously conducted transit operations on this route, while others may be heading to refineries in other parts of the world. Amid ongoing regional tensions, these transfer and transit operations provide critical support to global energy markets and have helped curb a surge in oil prices. Millions of barrels of crude are shipped through this waterway daily, effectively mitigating supply gaps caused by the conflict.

However, this route is not without its dangers. The Abu Dhabi National Oil Company (ADNOC), a major state-owned oil company in the UAE, is among the most active exporters using the Strait of Hormuz during the conflict. Late last week, the company disclosed that 15 of its vessels had been attacked in the conflict. Additional ships were targeted over the weekend following that announcement. ADNOC's shipping division reported on Tuesday a significant profit increase in its most recent quarter, attributing this to "providing additional services to transport UAE energy to the world." High freight rates also contributed to the profit rise.

Currently, most tankers leaving the Strait of Hormuz choose to navigate along the coast of Oman, often receiving navigation assistance and protection from the US military during their passage. The right of passage through the Strait of Hormuz has been a key point of disagreement in negotiations to end the Iranian conflict. Iran insists on having approval rights over transiting vessels and plans to impose transit fees, while the US has imposed a blockade on Iranian ships to cut off their oil export flow. Due to ongoing attacks on shipping, the number of shipowners willing to enter the Persian Gulf remains relatively limited. This situation has directly driven up tanker freight rates, with daily charter rates for benchmark routes again approaching the high level of nearly $500,000 per day.