The war in Iran has led to an almost complete halt of maritime traffic through the critical Strait of Hormuz. On Monday, only two oil and chemical tankers passed through this waterway, according to S&P Global Commodities at Sea, provided to CNN, writes UNN.
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This is fewer than the five oil and chemical vessels that passed through the Strait of Hormuz on Sunday, after the war began on Saturday.
Typically, about 60 oil and chemical vessels pass through the Strait of Hormuz, carrying approximately one-fifth of the world's daily oil consumption.
Iranian forces are threatening to attack vessels near the Strait of Hormuz, and insurance companies have canceled war risk coverage for ships in waters near Iran.
The situation in the Strait of Hormuz has contributed to a sharp rise in global oil prices this week, and analysts warn of a further jump if vessel traffic does not resume soon.
Oil prices surged by as much as 13%, with analysts suggesting over $100 per barrel02.03.26, 11:14
"A war between the United States and Israel against Iran could be the largest oil supply disruption in history if oil supplies through the narrow Strait of Hormuz remain low or cease entirely," Jim Burkhard, head of oil research at S&P, wrote in his report on Monday.
In addition to vessels carrying oil and chemicals, S&P reported that seven other vessels passed through the Strait of Hormuz on Monday. This is fewer than 20 on Sunday and about 75 on a normal day.
ISW: Iran's threats regarding the Strait of Hormuz caused an oil price surge03.03.26, 07:15