US EditionPakistan Reroutes Oil Supply as Strait of Hormuz Crisis Escalates
Major carriers Maersk, MSC, and Hapag-Lloyd have stopped transit due to the conflict, affecting over 80% of oil bound for Asia, analysts and authorities said.
- Shipping companies Maersk, MSC and Hapag-Lloyd halted transit through the Strait of Hormuz, with Danish shipping giant Maersk rerouting all vessels around the Cape of Good Hope, bypassing the Suez Canal and Bab al-Mandeb Strait.
- Late last week, U.S. and Israeli strikes on Iran killed Ayatollah Ali Khamenei, triggering fierce Iranian retaliation and prompting relevant authorities to effectively close the Strait of Hormuz.
- The Strait of Hormuz is the Gulf's sole open-ocean outlet, carrying a quarter of seaborne oil and a fifth of global LNG, with analysts warning crude could exceed $120 per barrel.
- Iranian state television reported a tanker was `sinking` after being struck while the Philippines Department of Energy said it will hold an emergency meeting on Monday, March 2, to monitor supplies and enforce a 30‑day stockpile rule.
- Even a temporary standstill raises freight and insurance costs, analysts warn, as OPEC+ raised April quotas by 206,000 barrels per day but Rystad Energy analyst Jorge Leon says this does little if oil cannot move through Hormuz.
47 Articles
47 Articles
By Jon Gambrell and Mae Anderson, Dubai, United Arab Emirates (AP) — Oil prices surged Monday as the war in Iran disrupted tanker traffic through the Strait of Hormuz, underscoring the importance of that waterway to the world's crude supply. The Strait of Hormuz is the narrow mouth of the Persian Gulf through which roughly one-fifth of the world's oil passes. Ships transiting the strait, which borders Iran to the north, carry oil and gas from Sa…
What's happening around the Strait of Hormuz as conflict escalates?
CBC's senior business correspondent Peter Armstrong explains what's happening around the critical shipping lanes in the Strait of Hormuz on Monday as conflict escalates following U.S. and Israeli attacks on Iran.
Middle East Escalation Sends Shockwaves Through Europe’s Energy Markets
The latest escalation between the United States, Israel, and Iran has reignited one of the most sensitive fault lines in the global economy: the security of energy flows through the Strait of Hormuz. For Europe—still adjusting to the loss of most Russian gas supplies—the shock is immediate. Roughly 20 million barrels per day of oil and petroleum products, about a fifth of global consumption, transit daily through the strait. In addition, all liq…
Oil Prices Increase as Middle East Conflict Threatens Strait of Hormuz Flows
Oil prices rose on March 2 as U.S and Israeli strikes on Iran and Tehran’s retaliation disrupted energy supplies through the Strait of Hormuz, a critical route for global oil and gas flows. Brent crude jumped about 10 percent to $79.90 a barrel, briefly topping $80, according to Brent Crude Oil Futures, tracked on Yahoo Finance. U.S. crude rose more than 8 percent to about $72 a barrel, according to OilPrice.com The pan-European STOXX 600, which…
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