Arsenio Dominguez, Secretary-General of the UN’s International Maritime Organization (IMO), has reported that approximately 20,000 sailors are currently stranded in the Strait of Hormuz.
The crisis has brought maritime trade in the region to a virtual standstill, leaving an additional 15,000 cruise ship passengers facing extreme hardship, according to BBC reports.
The Strait of Hormuz is one of the world's most critical chokepoints, connecting Persian Gulf ports to the open sea. Under normal circumstances, nearly 20% of the global oil supply passes through this narrow waterway.
Iran Asserts "Full Control"
Since the outbreak of the conflict, Iran has effectively closed the passage, posing a severe threat to global supply chains.
According to a report by Indian news outlet NDTV on Wednesday, Tehran has declared that it will only permit Chinese vessels to transit the strait.
The Iranian military has issued stern warnings that any unauthorized vessel attempting to cross will be targeted. The Islamic Revolutionary Guard Corps (IRGC) stated they now maintain "complete control" over the waterway, warning that ships risk being struck by missiles or drones.
Global Energy Markets on Edge
Experts warn that the military aggression involving the U.S., Israel, and Iran is causing significant disruptions that could send global fuel prices soaring.
Ed Hirs, an energy fellow at the University of Houston, told Al Jazeera that if even half of the oil flow through the strait is halted, prices could skyrocket to $150 per barrel.
This fear is compounded by the fact that the U.S. Navy is currently unable to provide escorts for tankers in the area.
The impact is already visible in other sectors:
Hirs warned that these economic shocks will be felt acutely in the United States, particularly in the New England region.
He noted that such domestic instability could create a difficult political environment for President Trump, especially with the upcoming midterm elections on the horizon.
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