Strait of Hormuz choked by war: Shipping plunges 95%, 20,000 seafarers stranded — All you need to know

Iran on Sunday said the Strait of Hormuz remains open to all shipping except vessels linked to its “enemies”, referring to the United States and Israel amid a 48-hour ultimatum issued by US President Donald Trump to fully reopen the crucial waterway, which carries about 20% of global crude oil supply. A day earlier, Trump warned that failure to restore full access would invite a fresh wave of attacks, saying the United States would target “various power plants, starting with the biggest one first.”The strategic Strait of Hormuz, a vital global shipping corridor, has been severely disrupted due to the escalating Middle East conflict, leading to sharp declines in maritime traffic and rising risks for vessels and crews.

A key waterway linking the Persian Gulf with the Gulf of Oman, it serves as the only sea passage to the open ocean. It lies between Iran on the northern coast and the Musandam Peninsula on the southern side, which is shared by the United Arab Emirates and Oman’s Musandam exclave. In peacetime, nearly one-fifth of the world’s crude oil and liquefied natural gas flows through the strait. However, hostilities that began on February 28, when the United States and Israel launched joint strikes on Iran, followed by retaliatory action from Tehran in the region have significantly restricted access to the waterway.

Security incidents risingSince March 1, at least 24 commercial vessels, including 11 oil tankers, have reported attacks or security-related incidents across the Gulf, the Strait of Hormuz and the Gulf of Oman, according to the UK Maritime Trade Operations (UKMTO).Additionally, four more attacks claimed by Iran’s Revolutionary Guards remain unverified by international authorities.Casualties reportedThe International Maritime Organization reports that at least eight seafarers and dock workers have been killed since the conflict began.

Four others remain missing, while 10 have sustained injuries.Shipping activity plungesMaritime traffic has dropped sharply. The strait, which typically handles around 120 vessel transits daily, recorded just 124 commodity carrier crossings between March 1 and 21, according to Kpler, marking a 95 percent decline, AFP reported.Of these crossings, 75 involved oil tankers and gas carriers, with most heading eastward out of the strait.Thousands strandedAround 20,000 seafarers, along with cruise passengers, port staff and offshore workers, are currently stranded in the region, according to the International Maritime Organization.The agency estimates that at least 3,200 vessels are present in the area, up to two-thirds of them large commercial ships involved in international trade.Clarksons data indicates that approximately 250 oil tankers remain in the Gulf, representing about five percent of global crude tanker capacity.Fuel and shipping costs surgeShipping costs have risen sharply amid the disruption. Ship fuel prices have climbed by around 90 percent since the conflict began, according to Ship and Bunker.Meanwhile, the cost of transporting a barrel of crude oil has doubled since the start of the year, reaching about $10, according to Clarksons.