Iranian forces claimed to have seized two cargo vessels near the Strait of Hormuz on Wednesday, escalating tensions in the ongoing U.S.-Israeli war on Iran.
The attacks occurred after nearly eight weeks of conflict, during which shipping through the strategic waterway had already dropped sharply. On Tuesday, only one vessel passed through the strait, according to S&P Global Market Intelligence data.
Iran’s actions demonstrate its continued ability to disrupt global oil flows despite extensive U.S. Military strikes and a naval blockade. The Strait of Hormuz normally carries about a fifth of the world’s oil supply and a significant share of natural gas.
How the strait’s disruption affects global energy markets
The disruption has already led to a 10 percent reduction in global oil supply, according to International Energy Agency data cited in the report. Average daily ship traffic fell from 130 vessels before the war to around eight before the latest attacks.
For more on this story, see US Seizes Iranian Ship and Warns of Hormuz Strait Blockade.
This reduction has pushed up prices for gasoline, diesel, and heating fuels worldwide, adding costs for businesses, and consumers. While overland pipelines have increased flow since the war began, they do not compensate for the lost maritime capacity.
What happened when the strait briefly reopened
On Friday, after Iran and the United States declared the waterway fully open, many ships began moving toward the strait with the intent to pass through. However, hours later, Iran warned it would crack down on vessels entering due to the ongoing U.S. Blockade of Iranian vessels in the Gulf of Oman.
Maritime analyst Michelle Wiese Bockmann of Windward observed ships positioning for passage during the brief window, but after reports of a ship attack on Saturday, tracking software showed 33 vessels halt their attempts. She noted that nascent confidence quickly reversed.
This follows our earlier report, US Seizes Iranian Ship: Tensions Rise as Iran Vows Retaliation.
Why does Iran target commercial shipping in the Strait of Hormuz?
Iran uses its control of the strait to leverage negotiations, as disrupting shipping increases economic pressure on global markets and complicates efforts to conclude the war.
How many ships managed to pass through during the brief reopening?
According to maritime analyst Michelle Wiese Bockmann, 12 ships with no apparent links to Iran successfully transited the strait during the short period when it appeared open.