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Iran: Response Plan in Place; "Seven-Day Plan to Reopen the Strait of Hormuz" Still Valid

According to reports, Iran's Supreme National Security Council Secretary Mohsen Rezaei said on the 18th that Iran's armed forces have drawn up response plans for any new "acts of adventurism." Rezaei stated on social media that the frenzied rhetoric and repeated threats spread by U.S. and Israeli officials in recent days will not change the reality on the battlefield. In the face of any potential new "acts of adventurism," Iran's armed forces have prepared response plans whose destructive power will far exceed anything before. Iran's new combat plans will no longer follow rules familiar to the adversary.

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Industry Insights

Strait of Hormuz Shipping Disruption Hits Global Agriculture!

ROME, Oct. 15 — Shipping disruptions in the Strait of Hormuz are increasingly affecting global agricultural production, potentially leading to crop yield reductions and further driving up food prices, said Alvaro Lario, President of the International Fund for Agricultural Development (IFAD), on Thursday. In an interview, Lario said the chain effects of the blockade of the Strait of Hormuz are becoming evident. Factors such as disrupted fertilizer shipments, rising fuel and transportation costs, and the El Niño phenomenon are pushing up costs across every link of the food supply chain.

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Industry Insights

VLCC Freight Rates Rise to Highest Level in 60 Years

In recent days, the military strikes launched by the US and Israel against Iran have reshaped the landscape of Middle East crude oil trade. Combined with a severe shortage of vessel supply, freight rates for very large crude carriers (VLCCs) have now soared to their highest level in 60 years. According to a report on the 11th from the Netherlands, a latest report by ING Group notes that, taking as an example a tanker that set out from Saudi Arabia for the Netherlands in September, the freight cost translates to a crude oil transportation cost of as much as US$35 per barrel—more than one-third of the crude oil price itself. By comparison, the average transportation cost on the same route was only US$2 per barrel last year. And as of October, tanker freight rates remain elevated.

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