Shipping traffic in the Strait of Hormuz drops 70%, threatening sharp rise in oil and gas prices
Shipping traffic in the Strait of Hormuz has fallen by about 70%, with some 150 oil and gas tankers now anchored outside the strait. This situation may immediately drive oil prices up to $120–$150 per barrel and trigger a potential gas supply crisis in Europe due to significant disruptions in deliveries.
About 20% of global liquefied natural gas (LNG) exports pass through the Strait of Hormuz, and its blockade could triple gas prices in Europe to $100 per MWh or more. Major importers such as China, India, Japan, and South Korea are expected to face sharp reductions in oil supplies, leading to a global shortage of fuel and its components. Gulf countries including the UAE, Kuwait, and Bahrain will be the most affected due to the inability of tankers to navigate these waters.
If shipping delays continue, the impact on global energy markets could be severe, potentially forcing countries to seek alterna
