Strait of Hormuz shutdown sends global oil prices soaring after airstrikes
A sharp drop in ship traffic through the Strait of Hormuz has disrupted global energy supplies. Since US and Israeli airstrikes on Iran began on 28 February 2026, movement through the key waterway has collapsed by 94%. The crisis has sent oil prices climbing and left tankers stranded outside the strait due to security fears and electronic interference.
On 28 February, before the airstrikes, 50 tankers and 98 cargo ships passed through the Strait of Hormuz. By 1 March, only three tankers and 18 cargo vessels made the crossing. The near-total halt has paralysed exports of oil, liquefied natural gas, chemicals, and plastics from the Persian Gulf. As a result, Brent crude prices are now forecast to hit $90 per barrel in March, while freight costs and energy supply strains—especially in Asia—have surged.
In response, coalition factions in Germany have formed a task force to track developments and prepare possible actions if tensions worsen. Günter Krings, a senior lawmaker, stressed that securing energy and food supplies remains a top state priority. He proposed a resilience plan involving strategic reserves and closer European cooperation to strengthen supply security.
Yet Krings cautioned against rushing into economic relief measures, calling it too early to make firm commitments just days after the strikes. Steffen Bilger, another official, noted uncertainty over whether the market turmoil reflects short-term shocks or deeper, long-term bottlenecks.
The Strait of Hormuz remains effectively closed, with tankers anchoring outside the zone due to ongoing military risks. Global energy markets face immediate pressure as oil prices rise. Authorities continue to assess the situation, but concrete solutions to ease economic strains have yet to be announced.
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