In a dramatic escalation with potential global economic consequences, major oil companies and international trading firms announced the immediate suspension of all oil and fuel shipments passing through the Strait of Hormuz, one of the world’s most critical energy corridors.
The companies emphasized that the move is not politically motivated but rather a precautionary security measure aimed at protecting vessels and maritime crews operating in what is considered one of the most sensitive waterways globally.
Approximately 20 percent of global oil consumption normally passes through the strait, prompting growing concerns that any prolonged disruption could trigger sharp increases in oil prices and heightened volatility in international energy markets, reports Al-Rai daily.
Shipping companies have already begun diverting oil tankers toward the Cape of Good Hope, a significantly longer route that increases transportation costs and is expected to delay deliveries by 10 to 15 days.
Analysts warn that these delays are likely to place direct upward pressure on fuel prices worldwide if the suspension continues.
Energy markets are now closely monitoring developments, as the duration of the disruption could determine the scale of its impact on global supply chains and inflation.
