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The Strait of Hormuz crisis explained: What it means for global shipping
The escalating war in the Middle East has ratcheted up fears of prolonged disruption to global trade via key maritime corridors like the Strait of Hormuz and the Bab el-Mandeb Strait.
Container shipping giants have suspended operations through the strategically vital Strait of Hormuz and rerouted vessels around the southern tip of Africa, following U.S. and Israel strikes on Iran over the weekend.
Danish shipping company Maersk said in a statement that it would suspend all vessel crossings in the Strait of Hormuz until further notice, warning that services calling ports in the Persian Gulf may experience delays.
Located in the gulf between Oman and Iran, the Strait of Hormuz is recognized as one of the world's most important oil choke points. In 2023, oil flows through the waterway averaged 20.9 million barrels per day, according to the U.S. Energy Information Administration, accounting for about 20% of global petroleum liquids consumption.
Middle East crisis live: Israel launches new attacks on Tehran and Beirut as Iran closes critical Strait of Hormuz
Earlier, Donald Trump laid out US objectives, saying mission could go on for four-five weeks, adding US has ‘capability to go far longer’
What is the legality of the US and Israeli attacks on Iran?
Iran’s Revolutionary Guards commander has said that the strait of Hormuz – the world’s most critical oil route – is closed and Iran will set any ship trying to pass on fire, Iranian state media is reporting.
It is Tehran’s most explicit warning since announcing it was closing the route on Saturday in a move that could choke a fifth of global oil flows and send prices rocketing.
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