Strait of Hormuz: blockade with massive consequences

Iran has been letting go ever since hardly any ship traffic anymore through the strait – with massive consequences.

More than 20 incidents

Since the beginning of the month, 23 merchant vessels, including ten tankers, have reported attacks or security incidents in the Persian Gulf, the Strait of Hormuz or the Gulf of Oman, according to the British Maritime Safety Authority (UKMTO).

In addition, the Iranian Revolutionary Guard reported four additional attacks on ships that were not confirmed by international authorities.

At least eight deaths so far

Since the start of the Iran war, eight sailors or dock workers have been killed in the region, according to the International Maritime Organization (IMO). Four others are missing and ten were injured.

Ship traffic decreased by 95 percent

According to experts, around 120 ships normally pass through the Strait of Hormuz every day. However, between March 1st and 19th, according to the Kpler company, a total of only 114 freighter transits were recorded. Shipping traffic through the strait fell by 95 percent. Of the 114 freighters, 69 were carrying oil or gas, most of them heading east. According to the Clarksons company, there have been around five drive-throughs per day in the past few days.

20,000 sailors and thousands of ships stranded

In addition to cruise passengers and port workers, around 20,000 seafarers are stranded in the Gulf region because of the blockade, according to the IMO. In addition, around 3,200 ships are stuck, two thirds of them large freighters for international trade.

Clarksons estimates the number of oil tankers stuck in the Gulf at 250, which together account for five percent of the global transport capacity for crude oil.

Rising oil prices

Due, among other things, to the closure of the Strait of Hormuz, the price of oil has risen significantly in recent weeks; on Thursday, a barrel of North Sea Brent cost $115.

The price of marine diesel has skyrocketed by 87 percent since the start of the Iran war. The cost of transporting a barrel of crude oil has doubled since the beginning of the year and is now $10.