Oil, Iran and Strait of Hormuz
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Closure of the Strait of Hormuz strands fertilizer cargoes and curbs production, halting 55%-60% of Middle East urea and stoking global food inflation.
As the war in Iran enters its ninth week with no clear end in sight, shipping in the Persian Gulf and the Strait of Hormuz has been completely reshaped.
The Strait of Hormuz's closure has handed financial windfalls to Iran, Oman and Saudi Arabia, while other states that lack alternative shipment routes have lost billions of dollars, a Reuters analysis found.
Iran renews attacks in the Strait of Hormuz after Trump says he's extending a ceasefire indefinitely, as thousands more U.S. forces head for the region.
Several Middle Eastern countries said Tuesday that they reject Iran’s control over the Strait of Hormuz and are firmly against charging fees for oil tankers and other vessels to transit the shipping lane.
Six cruise ships were temporarily stranded and others have rerouted away from the Middle East for 2026 and beyond.
Middle Eastern oil producers seek new routes as the Strait of Hormuz remains closed. Crude oil all-time high by April 30 at 0.5% YES.
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Drivers across the area are seeing a sudden jump in gas prices, with regular unleaded now at $4.29 a gallon after rising 30 cents in just one day.PUMP PATROL |
Cruise vessels were forced to remain in port since Feb. 28, when President Donald Trump announced the U.S. participated in a joint attack with Israel against Iran, as the vessels had to pass through the Strait of Hormuz to reach safer waters. The ships docked in ports throughout the region one day after the attack, around March 1.
Trump floats new plan aimed at creating maritime alliance to reopen Strait of Hormuz as Iran war shows no end in sight.