Commercial shipping in the Strait of Hormuz has once again virtually come to a standstill after a brief period of activity over the weekend. On April 20, vessel traffic was almost completely halted, a result of a sharp increase in uncertainty in the region and a new wave of avoidance of this route by tanker and cargo ship owners.
This is reported by Finway
Temporary Opening Did Not Lead to Stability
Over the weekend, there was hope for the resumption of stable transit following statements from Iran and the U.S. about the opening of the strait. This led to a short-term drop in oil prices and a partial resumption of vessel traffic. However, just a few days later, the situation reverted to uncertainty, and most shipowners began to avoid the Strait of Hormuz again, altering routes or completely suspending shipments.
Seizure of Vessel and Expansion of Risk Zone
A new escalation of tension was triggered by an incident off the coast of the Gulf of Oman, where U.S. forces seized an Iranian cargo ship near the port of Jask. This event marked the first such occurrence during the current crisis and significantly expanded the risk zone for maritime shipping, encompassing not only the strait but also surrounding waters.
The market reacted immediately to the escalation: oil prices rose again, and analysts indicate that supply disruptions may now become prolonged. The Strait of Hormuz is increasingly seen as a kind of “switch” for oil prices, sensitive to any geopolitical changes.
“In fact, one of the most important trade routes in the world is turning into a space of constant risk, where stability depends on political decisions and military actions, rather than economic logic.”
Despite the challenging situation, some vessels continue to operate in the region. Among them is the tanker Nova Crest, which is passing near the exit from the Strait of Hormuz to the Gulf of Oman. However, its status is complicated by sanctions from the UK, EU, and Switzerland due to the transportation of Russian oil, creating additional problems for the international shipping community.
The current situation in the Strait of Hormuz is taking on the characteristics of a systemic security crisis, where each new incident immediately impacts global energy markets. The region, which is one of the key areas in global energy resource trade, is increasingly becoming a zone of constant risk and political tension.
It is worth noting that on April 17, Iran announced the resumption of full commercial shipping traffic through the Strait of Hormuz, emphasizing the need to adhere to the routes established by Iranian maritime regulators.