According to Reuters, recent actions by the US and Israel, which have become the largest attack on Iran in decades, have raised serious concerns about the possibility of Iran disrupting shipping through this strait, which has already affected global markets and trade.
Oil prices have surged, and analysts predict that they will remain high in the coming days as attention focuses on the implications of the conflict in the Middle East for oil supplies through Hormuz.
According to information from the analytical company Vortexa, an average of over 20 million barrels of crude oil, condensate, and fuel passed through Hormuz daily last year.
OPEC countries such as Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq heavily rely on oil exports through this strait, primarily directing their volumes to Asia.
Additionally, Qatar, as one of the leading exporters of liquefied natural gas, almost entirely sends its LNG through Hormuz.
Trade through the strait, which accounts for about 20% of the world's oil and significant volumes of gas, has virtually come to a halt after vessels became targets for attacks in response to Iran's actions against the US and Israel.
According to trading sources, on Saturday, many tanker owners, as well as major oil companies and trading houses, decided to suspend their operations for the supply of oil, fuel, and liquefied natural gas through the Strait of Hormuz following recent attacks on Iran.
“Our vessels will remain safely in place for a few days,” said a senior representative of a trading company. Satellite images obtained from tracking systems showed that tankers were clustered in major ports such as Fujairah in the UAE, unable to pass through Hormuz.
Iran and its threat to shipping
Tehran has confirmed the closure of shipping in this strategically important waterway, which has effectively led to a complete halt of navigation after the shelling of vessels in response to actions by the US and Israel.
According to the owner of the tanker Stena Imperative, it was damaged by “air strikes” while docked in the Persian Gulf, which also resulted in the death of one shipyard worker.
On Sunday, a shell hit the tanker MKD VYOM, flying the flag of the Marshall Islands, resulting in one crew member's death while the vessel was off the coast of Oman, the managing company reported. Additionally, two other tankers were also damaged.
On the same day, a shell struck the bunkering tanker Hercules Star, flying the flag of Gibraltar, off the coast of the UAE. The managing company Peninsula noted that the tanker returned to anchor in Dubai on Sunday morning, and the crew is safe.
Besides direct attacks, Iran may use mines in the strait, which poses additional threats.
According to US intelligence estimates, Iran has up to 6,000 mines, including drifting, suction, bottom, and anchor mines.
“Mines represent a significant asymmetric threat in the narrow waters of the Strait of Hormuz, where shallow depth and proximity to shore allow for rapid deployment from various platforms,” commented Scarlett Suarez, a senior analyst at Dryad Global, specializing in maritime risks and cybersecurity.
Despite the lack of reports of significant mine finds, the threats and the possibility of their use remain real.
