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Egypt crude import bill hits $2.2bn as Hormuz disruption drives prices
First-half 2026 spending more than triples year-on-year as Brent reaches $97.35 and strait traffic falls to May lows.
Egypt crude import spending triples in first half#
Egypt's crude oil imports reached approximately $2.2 billion in the first half of 2026, up from nearly $606 million in the same period of 2025, according to the Central Agency for Public Mobilization and Statistics. The increase reflects higher global crude prices following Strait of Hormuz disruption and reduced transit volumes through the waterway. Liquefied natural gas imports also climbed to nearly $6 billion from $3.5 billion, driven by higher prices and increased shipments. Refined product imports declined to around $4.8 billion from nearly $5.3 billion as domestic refinery output rose. Egyptian refineries are operating at 80 percent of capacity, up from 66 percent two years ago, according to AGBI.
Brent crude rises above $97 as Hormuz traffic falls#
Brent crude futures rose to $97.35 per barrel on 7 September 2026, up 1.11 percent, while West Texas Intermediate climbed 1.11 percent to $92.50 per barrel. The gains extended a rally from the previous week, when Brent advanced 7.8 percent and WTI gained nearly 10 percent. An average of just 10 commodity vessels per day crossed the Strait of Hormuz during the 10 days through 6 September, the lowest 10-day average since May, according to data from Kpler cited by Reuters. Traffic had exceeded 15 vessels on Friday before falling to only two vessels on Saturday.
US-Iran attacks reduce vessel movements through strait#
US Central Command reported that American forces struck three Iranian crude oil carriers on 5 September after Iran's Islamic Revolutionary Guard Corps launched ballistic missiles toward two US Navy warships. CENTCOM said forces permanently disabled the M/T Downy off Kharg Island and the M/T Stark 1 near Jask, and destroyed the unladen M/T Kylo in the Gulf of Oman. Iran's Revolutionary Guard navy said it had targeted three oil tankers traveling through what it described as unauthorized routes in the Strait of Hormuz. Maritime intelligence company Marisks described the events as a major escalation in the maritime conflict.
Transit costs reach $20m per vessel as war risk premia climb#
Oil vessel transit costs through the Strait of Hormuz have risen sharply, with insurance and war-risk premiums pushing some voyages to as much as $20 million, according to ENOC. Goldman Sachs raised its forecasts for Brent and US WTI crude by $5 per barrel, putting them at $85 and $80 per barrel respectively for December 2026, and at $80 and $75 per barrel respectively for 2027. The revisions reflect expectations that shipping disruptions in the Middle East will persist into next year. No very large crude carriers had exited the strait since Wednesday 2 September, Reuters reported.
Sources5 sources across 4 domains
- agbi.comAGBIEgypt's crude imports reached $2.2bn in H1 2026, up from $606m in H1 2025; LNG imports climbed to nearly $6bn from $3.5bn; refined product imports declined to $4.8bn from $5.3bn; Egyptian refineries operating at 80% capacity, up from 66% two years ago
- economymiddleeast.comEconomy Middle EastBrent rose to $97.35/barrel on 7 Sep 2026, up 1.11%; WTI climbed 1.11% to $92.50; Brent gained 7.8% and WTI nearly 10% previous week; average 10 vessels/day crossed Hormuz in 10 days through Sunday, lowest since May; traffic exceeded 15 vessels Friday, fell to 2 Saturday; no VLCCs exited strait sinc
- jordannews.joJordan NewsUS Central Command targeted three Iranian oil tankers Saturday including one off Kharg Island; Iran's IRGC Navy targeted three tankers on unauthorized routes through Hormuz plus three US vessels elsewhere; Marisks described Saturday attacks as major escalation
- jordannews.joJordan NewsGoldman Sachs raised Brent and WTI forecasts by $5/barrel to $85 and $80 for Dec 2026, and $80 and $75 for 2027, reflecting persistent shipping disruptions
- logisticsmiddleeast.comLogistics Middle EastENOC reports oil vessel transit costs through Hormuz have risen sharply, with insurance and war-risk premiums pushing some voyages to as much as $20m
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MENA Trade Monitor is published by Arabian Media Network. Pieces are produced by the Chokepoint Watch with AI-assisted synthesis of the cited sources and automated verification against the network's editorial policy. Every piece carries a desk rather than a reporter. Corrections are recorded on the piece and on the corrections page.
Transits, closures, advisories, war risk premia and rerouting cost for Hormuz, Bab el-Mandeb and Suez. Same day, same shape, always numbers.