Global oil and gas transportation costs rise - Because Iran closed the Strait of Hormuz
Global oil and gas shipping rates rose sharply, with supertanker costs in the Middle East reaching record levels. The US-Iran conflict intensified after Tehran targeted ships passing through the Strait of Hormuz.
Maritime transport through the Strait of Hormuz between Iran and Oman, which carries about a fifth of the oil consumed globally as well as large quantities of liquefied natural gas, has been almost completely halted after ships in the area were hit as Iran retaliated against US and Israeli attacks.
The disruption and fears of a prolonged shutdown have sent European oil and natural gas prices soaring, with Brent crude futures rising by nearly 10% this week.
In retaliation, Iran has attacked Gulf countries, causing preliminary shutdowns of oil and gas facilities across the Middle East. A senior Iranian Revolutionary Guard official said the Strait of Hormuz is closed and Iran will shoot down any ship that tries to pass through.
The US military's Central Command said the strait is not closed despite Iranian statements. However, daily freight rates for LNG tankers increased by more than 40% after Qatar halted production.
Until safe passage through the Strait of Hormuz is ensured, shipping will be halted. An oil tanker broker, who declined to be identified due to company policy, said it is very difficult to estimate shipping rates in the Persian Gulf as some shipowners have suspended operations indefinitely.
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