“Traffic in the Strait of Hormuz has fallen sharply due to escalating regional tensions,” reported MarineTraffic in an urgent post on X. Real-time traffic analysis reveals an alarming trend: transit through this critical “chokepoint” for global trade has plummeted by approximately 70 percent since 5:00 PM Polish time on February 28, compared to levels just hours earlier.
Read also: Container ships are stranded in the Middle East. It’s not just oil
Paralysis in the Strait of Hormuz: Ships are turning around at the last minute
Monitoring data of maritime traffic shows dramatic shifts in crew behavior over the past three days. Ships are massively changing course, idling, or sharply reducing speed. Many vessels are deciding to alter their course at the last minute, responding to official safety warnings, according to MarineTraffic. This disruption highlights the vulnerability of global supply chains to geopolitical instability.
As the conflict escalates, Iran has officially announced the closure of the Strait of Hormuz, one of the world’s most critical strategic points. This development adds to concerns for the global economy. According to reports, the Houthi movement, allied with Tehran, has increased threats to shipping in the Red Sea.
Global markets are bracing for a worst-case scenario: the simultaneous blockage of the Strait of Hormuz and the Red Sea-Suez Canal corridor. These two arteries are fundamental to the stability of trade between Asia, Europe, and Africa. The potential disruption could significantly impact energy prices and global commerce.
Read also: Suspension of traffic in the Strait of Hormuz. Shipping companies are already paying for it
Energy lifeline cut off?
The stakes are enormous. The Strait of Hormuz is a vital energy lifeline for the globe, with approximately 20 percent of the world’s oil consumption passing through it each day. This equates to a massive 17 to 20 million barrels exported primarily by countries in the Persian Gulf. The situation underscores the region’s importance to global energy security.
The corridor is also crucial for global trade in liquefied natural gas (LNG), particularly for supplies from Qatar. Experts warn that if the blockade persists, oil and gas prices will rise sharply, immediately impacting consumers’ wallets and production costs worldwide.
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