A satellite map shows how shipping through the Strait of Hormuz has effectively stopped since Iran said it has closed the key route (Picture: Marine Traffic)
Passage through one of the most important trade bottlenecks in the world has become too dangerous for ships after the Middle East conflict.
The Strait of Hormuz, which handles around 20% of the global fuel trade, has been closed for days after joint US-Israel bombing of Iran and ensuing back-and-forth missile attacks.
Just 24 miles wide, the Strait usually sees over 100 tankers carrying oil and natural gas from the Gulf states to the rest of the world.
But shipping companies have halted transport after at least nine tankers are believed to have been targeted in and around the strait, according to Lloyd’s List.
Marine trackers show hardly any vessels at the Strait, with most ships appearing to avoid going near the Iranian coast and opting to wait near the United Arab Emirates, Kuwait and Saudi Arabia.
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Fears are growing that Iran’s abrupt closure of the route could threaten trade and transport if the tense situation continues for weeks.
Oil prices have gone up since the escalation, with a barrel of Brent crude now at $85.75. Last time its price hit the $86 per barrel level was in July 2024.
And oil is reportedly starting to pile up in the Gulf states as storage is running low and ships are unable to sail.
Kuwait has now began cutting down oil production because of storage problems, according to the Wall Street Journal.
Even gold, usually considered a safe asset immune to volatility, has taken a hit from the Middle East tension.
Matt Britzman, a senior equity analyst at Hargreaves Lansdown, said: ‘Oil has jumped nearly 20 per cent this week, putting it on track for its biggest weekly advance since February 2022.
A graphic shows how shipping through the Strait of Hormuz has plummeted since the start of the latest Middle East conflict last weekend (Picture: Anadolu/Getty Images)
‘Higher prices tend to feed through to consumers almost immediately via rising petrol costs, which in turn risks reigniting inflation pressures just as central banks were hoping for some relief.’
Airlines are protected from immediate oil price changes, but if the situation continues for a longer period that will ‘start going back into the prices,’ aviation expert Bernard Lavelle told Metro.
The crisis could have an impact on Easter holidays if there is no peaceful resolution over the coming weeks, he said.
Tankers seen in the Persian Gulf after Iran warned it has closed the Strait of Hormuz and will target any US, Israel or European-linked vessels if they go through the passage (Picture: Reuters)
Hundreds of seafarers are stuck on ships, which have been unable to leave the Gulf of Persia.
Some of them had already spent months at sea on the way to the Gulf region, away from their homes and loved ones.
Iran’s Revolutionary Guard Corps has said it is in control of the route, and threatened to strike any US, Israel or European-linked vessels going through the strait.
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Donald Trump has offered US-backed insurance and naval escorts for tankers and cargo going through the Strait of Hormuz.
But his plan has not stopped maritime insurers from cancelling or pricing up cover for ships, meaning most companies are reluctant to travel through the hotspot.
Where does the UK get its fuel and gas from?
The situation is also having an impact on Britain from petrol stations to consumers’ wallets.
If you were hoping for the interest rates to be slashed this month, this is looking increasingly unlikely, according to analysts.
Some unleaded petrol pumps had run out in South Queensferry and Croydon earlier this week (Picture: Katielee Arrowsmith / SWNS)
The interest rate cut was expected before the conflict, but the Bank of England is unlikely to do it at the moment.
While queues have been reported at some forecourts due to panic buying, the government has said the UK fuel supply is not running out.
The UK’s biggest source of gas is Norway, followed by domestis North Sea rigs and the US, with Qatar in fourth spot. Qatari gas makes up just 1.2% of UK exports.
Most of Britain’s crude oil comes from the US, Norway, Libya and Canada, while refined oil primarily comes from the Netherlands, US, Belgium and Sweden.
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