CNN: The disruption in the Strait of Hormuz and Bab al-Mandab has drastically changed the global oil market/oil importing countries have increasingly come to understand that in order to reduce their vulnerability to external shocks, they must "structurally reduce their consumption"

The war between the United States and Iran has greatly affected the global oil market by disrupting the transfer of oil from two vital waterways, namely the Strait of Hormuz and, in recent weeks, the Strait of Bab al-Mandab.

CNN wrote: The war between the United States and Iran has drastically changed the global oil market by severely disrupting the transfer of oil through two vital waterways, namely the Strait of Hormuz and in recent weeks the Strait of Bab al-Mandab.

According to the report, it is further stated in this article: Iran has now intensified attacks on oil tankers that pass through the Strait of Hormuz and the Persian Gulf. These attacks reduced the volume of oil exported from the region and caused the global price of crude oil to remain above $100 per barrel.

According to the UK Maritime Trade Operations Center (UKMTO), which monitors maritime security in the region, 12 attacks on ships in or around the Strait of Hormuz have been reported over the past week. Also, earlier this week, two cargo ships sank in two separate incidents after being hit by projectiles of unknown origin.

The US Army has directed an operation to transfer oil through this strait. In the framework of this operation, American forces help the passage of oil cargoes in the so-called "dark passages"; Passages in which tankers move with their positioner transmitters off and transfer oil to ships waiting in the Gulf of Oman.

This conflict, which is now in its eighth month, has expanded and has also included the conflict between Saudi Arabia and the pro-Iranian Houthis in Yemen.

The Houthis have targeted Saudi oil tankers passing through the Bab al-Mandab strait, and in recent days have also carried out deadly attacks on Riyadh's main international airport.

The sinking of two cargo ships in the Strait of Hormuz at the same time as the escalation of Iran's attacks on the eve of the US mid-term elections

Videos verified by CNN show the sinking of the Singapore-flagged container ship JFS Pride; A ship that was targeted by projectiles of unknown origin on October 13.

In these images, smoke rises from the ship and its hull gradually sinks into the water. Later videos and satellite images also show the scattering of the ship's cargo in the waters of the Strait of Hormuz.

Analysts say that this crisis will have long-term consequences for the global oil market.

In an interview with CNN, Georg Zakhman, a senior researcher at Bruegel's think tank, said that oil-importing countries have increasingly come to the understanding that in order to reduce their vulnerability to external shocks, they must "structurally reduce their oil consumption".

He said this measure, among other measures, could help these countries "make themselves more secure against a world that is becoming more uncertain every day".

The Strait of Bab al-Mandab became more strategically important after the war disrupted the adjacent Strait of Hormuz.

Richard Bruns, one of the founders of "Energy Aspects" Institute, says that at the peak of activity of this route, about 4.5 million barrels of crude oil were exported from Yanbu port in Saudi Arabia in the Red Sea.

According to him, after the Houthi threats escalated this summer, this export flow "collapsed".

Johannes Rawball, senior crude oil market analyst at Kepler, said if the Houthis started threatening ships belonging to all countries, "that would be another blow to the crude oil market." "Such a situation will once again raise prices sharply and limit the balance of supply and demand even more."

However, after last month's drone attack on Saudi Arabia's east-west pipeline, Riyadh quickly reversed course and increased crude oil exports through the Strait of Hormuz with the help of US military-backed oil transfer operations.

The East-West pipeline transports crude oil to Saudi ports on the Red Sea.

US President Donald Trump [claimed] that Iran was probably behind the September attack.

Iran's Ministry of Foreign Affairs has "categorically denied" this accusation. According to several reports, the East-West pipeline has now been reactivated.

Asian countries, which are the biggest buyers of Saudi oil, have suffered the most pressure from this crisis during the war; But by reducing their oil consumption, they have adapted to the conditions to some extent.

China has also reduced oil imports by using its strategic reserves.

The crisis has also led some Middle Eastern countries to explore new export routes through pipelines that have yet to be built.