Hormuz choke raises oil risk
Iran has tightened control of the Strait of Hormuz, with more than 20 commercial ships attacked or delayed and tankers now queuing outside the passage — a move analysts say can squeeze global oil and shipping markets. Experts warn a Houthi extension to the Bab el‑Mandeb would create a second major chokepoint and could trigger a broader oil shock as insurers and operators reroute and reprice risk. (newyorker.com) (economictimes.indiatimes.com)
Regional maritime monitors and analysts report more than 20 merchant vessels have been struck by missiles, drones or surface craft in and around the Gulf since Feb. 28, according to counts compiled from Joint Maritime Information Center data and industry sources. (theglobalobservatory.org) Vessel-tracking firms show roughly 150 oil and LNG tankers dropped anchor outside the strait, while Lloyd’s List Intelligence counts about 200 internationally trading, non‑sanctioned tankers effectively stranded in the Middle East Gulf. (maritimetelegraph.com) Daily transit volumes through Hormuz have collapsed — maritime agencies estimate traffic is down about 95% since Feb. 28 — and major carriers including Maersk, CMA CGM and Hapag‑Lloyd have suspended routine transits. (abc.net.au) Marine underwriters pulled or restricted war‑risk cover for much of the corridor, driving reports of war‑risk premium spikes in the order of roughly 200–300% as brokers and P&I clubs reprice exposure. (spglobal.com) Operators have been rerouting ships around the Cape of Good Hope, a detour that industry trackers say adds roughly 10–19 days to voyages and that some analysts estimate has increased voyage costs by about $2 billion a week. (themaritimelawblog.com) A small number of insurers have offered targeted solutions to restart vetted transits — for example, Chubb announced a maritime facility to support ships willing to transit under specified conditions. (msn.com) Analysts warn a Houthi expansion into the Bab el‑Mandeb — the Red Sea gateway that handles about 8.8 million barrels per day and roughly 10–12% of seaborne oil trade — would create a second chokepoint and sharply amplify market disruption as carriers and underwriters are forced to reroute and further reprice risk. (economictimes.indiatimes.com)
