Global Oil and Gas Hormuz tracker: day 146

Research evidence excerpt

Global Oil and Gas Hormuz tracker: day 146

Powered by Lab Global24 JulyResearch2026ab Evidence UBS YES

Global Oil and Gas Equities

GlobalHormuz tracker: day 146

Oil Companies, Major

Henri Patricot, CFA

US considering new attack against Iran Analyst

Oil prices have pulled back today but there is no clear improvement yet in the Middle henri.patricot@ubs.com

East situation as flows remain heavily disrupted via Hormuz and we are seeing some +33-14-888 3033

signs of, potentially temporary, disruption in the Red Sea. US President Donald Trump is Nayoung Kim

reportedly considering a "massive attack" against Iran and is close to making a decision Analyst

(link). The WSJ reported that he is growing impatient and increasingly sceptical of the nayoung.kim@ubs.com

diplomatic route (link). Meanwhile Pakistan and Iran are reportedly exploring the +44-20-7568 4010

potential for new talks with the US, in a new diplomatic push initiated by China (link). Joshua Stone

Analyst

Uptick in Hormuz; Bab el Mandeb crossings lower joshua.stone@ubs.com

+44-20-7901 5588

There was an uptick in flows via Hormuz yesterday but skewed to exits: the latest UBS

Evidence Lab data (> Access Dataset) show 3 crude tankers exiting and one product Josh Silverstein

tanker entering the Gulf (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulfOil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The July average is down to 7.3, from the mid-to- Analyst

high teens recorded in late June and early July, and well below the c.50 level seen in josh.silverstein@ubs.com

+1-212-713 3513

February. Volumes through the Strait jumped to 6.0Mb/d and are up to 4.5Mboe/d