{"id":107337,"date":"2026-03-01T15:01:05","date_gmt":"2026-03-01T18:01:05","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/896672457"},"modified":"2026-03-01T15:01:05","modified_gmt":"2026-03-01T18:01:05","slug":"attacks-on-shipping-raise-fears-for-global-oil-supplies-amid-iran-conflict","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/03\/01\/attacks-on-shipping-raise-fears-for-global-oil-supplies-amid-iran-conflict\/","title":{"rendered":"Attacks On Shipping Raise Fears For Global Oil Supplies Amid Iran Conflict"},"content":{"rendered":"

Cellphone footage showing tongues of flame and thick, black smoke billowing from a ship in the Strait of Hormuz<\/strong><\/a> is an ominous image underlining fears of disruption to global oil supplies amid the US and Israeli conflict with Iran.<\/p>\n

The straits are a vital global trade route for oil and liquefied natural gas (LNG). The Skylight, a 7,600-ton oil and chemical tanker, was just north of the Omani port of Khassab, near to the narrowest point of the strait where the shipping lane is just 3 kilometers wide.<\/p>\n

It was one of three civilian ships reportedly hit in the region on March 1 — while US Central Command said it had struck an Iranian navy corvette nearby.<\/p>\n

Amid the turmoil, Reuters analysis of data from the MarineTraffic website said that at least 150 ships, including many oil and gas tankers, had dropped anchor. As shipping appeared to be grinding to a halt, there were conflicting reports about whether Iran had declared the strait closed.<\/p>\n

No Panic — Yet<\/strong><\/h2>\n

\u201cWe do see the strait [to be] open. But what’s preventing the vessels and why a lot of the IOCs (international oil companies) are advising not to use the strait is because of insurance,\u201d Amena Bakr, head of Middle East and OPEC+ research at Kpler trade intelligence company, said during a webinar on March 1.<\/p>\n

\u201cThe insurance costs are so high that no vessel could afford or wants to risk going through the strait at this time,\u201d she added. \u201cThe moment the market just gets that headline that, you know — the strait is closed, there’s no more crude flowing and so on — that’s when panic is going to set in.\u201d<\/p>\n

For now, this has not happened. Nevertheless, the price of global benchmark Brent crude was reported up by as much as 10 percent on March 1 and many analysts expected prices to rise further.<\/p>\n

“We expect prices to open (after the weekend) much closer to $100 a barrel and perhaps exceed that level if we see a prolonged outage of the strait,” Ajay Parmar, director of energy and refining at ICIS, told Reuters.<\/p>\n

Bakr took a more conservative line but said the impact of this war on global oil prices will be much greater than during the 12-day conflict with Iran in June 2025.<\/p>\n

\u201cDuring that conflict, oil went up to $80 and then it kind of crashed down again. Now, this is a less orchestrated conflict. The other one\u2026was almost a show. You had fireworks, you had countries warning other countries they’re going to hit them ahead of time,\u201d she said.<\/p>\n

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\"Satellite<\/p>\n

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\nGallery Compare:<\/span><\/p>\n

Satellite Images Show Iranian Missile Base Before And After Strikes<\/h4>\n<\/figcaption>
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\nSatellite images taken by Planet Labs PBC reveal the damage inflicted on an Iranian missile base in northwestern Tabriz. The base was hit on February 28 as the United States and Israel launched attacks against Iran, killing the country’s supreme leader and top military figures.\n<\/p>\n