British oil giant BP has not deployed any of its oil tankers through the Strait of Hormuz since 10 July when Iran attempted to seize one of its vessels.
Speaking at the company’s quarterly financial presentation on Tuesday, CFO Brian Gilvary said the oil and gas company had no short term plans to allow its takers through the strait.
The company has instead chartered tankers to ship oil out of the region.
“We will continue to make shipments through there but you won’t see any BP-flagged tankers going through in the short term,” Gilvary said.
Earlier this month, three Iranian vessels attempted to block the passage of a BP-operated tanker in the strait but withdrew after receiving warnings from a British warship.
Regardless of the tension, BP recorded a better-than-expected second quarter after a strong increase in its oil and gas production.
Iran has however begun to see the effects of the impasse as it was reported that oil exports for July dropped to as low as 100 000 per day (bpd).
The oil-rich country exported an estimated 400 000 bpd in June.
