Tanker owners, oil majors, and trading houses have halted shipments of crude oil, fuel, and liquefied natural gas through the Strait of Hormuz following U.S. and Israeli attacks on Iran, which has declared the strait closed.
A top trading desk executive indicated that vessels would remain idle for several days, as satellite images show ships accumulating near major ports like Fujairah in the UAE. Iranian Revolutionary Guards have communicated via VHF that no vessels may pass through the strait.
The UK Navy noted that Iran’s orders have no legal standing and advised caution for transiting ships. INTERTANKO reported warnings from the U.S. Navy regarding navigation safety in the Gulf, Gulf of Oman, North Arabian Sea, and the strait.
Greece’s shipping ministry has also recommended avoiding these waters. Approximately 20% of global oil and significant LNG volumes transit through Hormuz, with 14 LNG tankers reported to be slowing down or turning back, raising concerns for Qatari LNG exports.
With information from Reuters