The U.S.-Israeli war with Iran and the closure of the Strait of Hormuz have triggered the largest oil supply disruption ever recorded in terms of daily output losses. However, Reuters calculations show that at least one past crisis had a greater cumulative impact over time.
The U.S. Navy has forcibly intercepted and boarded the Iranian cargo ship TOUSKA in the Gulf of Oman after it attempted to breach the ongoing naval blockade. President Trump confirmed that the vessel was neutralised and seized by Marines following a direct strike on its engine room.
Some 20,000 seafarers remain stranded on around 2,000 ships in the Strait of Hormuz amid the ongoing Middle East conflict, in what has been described as an unprecedented situation in the post-Second World War era. The vessels include oil and gas tankers, cargo ships and six cruise liners.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
Kremlin spokesman Dmitry Peskov said on Saturday (14 March) that many countries are interested in purchasing Russian oil after the United States temporarily eased sanctions on certain exports.
The Strait of Hormuz has become a focal point of global concern as tensions rise following the conflict involving Iran, the United States and Israel. Tehran has threatened to block the strategic waterway, raising fears of disruption to global oil shipments and energy markets.
Iran is signalling to the United States that it retains the capacity to destabilise key regional and global interests, particularly energy markets, according to political analyst Chingiz Mammadov, Research Alumni at the National Endowment for Democracy.
Global energy markets are bracing for a sharp supply squeeze after a combination of geopolitical conflict and extreme weather disrupted one of Central Asia’s most important oil export routes.
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