Following U.S. military strikes on Iran, at least two supertankers reversed course near the Strait of Hormuz, reflecting heightened fears of disruption in one of the world’s most vital oil shipping lanes.
Recent U.S. strikes on Iran have raised concerns over the security of the Strait of Hormuz, a key maritime chokepoint through which about 20% of global oil and gas supplies pass. As tensions rise, at least two supertankers temporarily changed course near the strait, according to shiptracking data.
Fears that Iran might retaliate by closing the strait have pushed oil prices to five-month highs and caused tanker freight rates to more than double in a week. Tanker operators are now adjusting routes, pausing near Oman, or minimizing time inside the Gulf.
Meanwhile, shipping activity in the region has decreased—entry of empty tankers into the Gulf has dropped 32%, and departures of loaded vessels are down 27% compared to early May.
Some Japanese and Taiwanese companies said their ships are still transiting the strait but with stricter safety protocols. Iran's parliament has passed a measure to close the waterway, though any action would need approval from its top security body. Historically, Tehran has threatened closures but never implemented them.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 22nd May, covering the latest developments you need to know.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 23rd May, covering the latest developments you need to know.
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