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Renewed fighting between Iran and the U.S. has reignited security concerns in the Strait of Hormuz, one of the world’s most important shipping routes for oil and natural gas, The New York Times reports.
Although a ceasefire reached in June briefly allowed commercial traffic to recover, recent Iranian attacks on vessels and U.S. retaliatory strikes have once again made the passage highly dangerous. Harry Vafias, chief executive of StealthGas, said his company successfully moved one ship through the strait under U.S. military protection but is delaying another voyage until conditions become more stable.
His decision reflects the dilemma facing many ship operators, who must balance commercial demands against the growing risk of missile and drone attacks. Companies can either use the U.S.-protected route near Oman’s coast, request permission to transit Iranian-controlled waters or avoid the region entirely.
Some firms, including StealthGas, have ruled out using Iranian waters because of political and business concerns. As uncertainty has grown, shipping traffic has fallen sharply, dropping from more than 130 vessels per day before the conflict to just 22 on one recent day.
A prolonged decline in traffic could disrupt oil and gas exports from the Persian Gulf, increasing global energy prices and raising the cost of gasoline and diesel for consumers. Although expanded pipeline networks, increased U.S. crude exports and large oil stockpiles have helped cushion the global market from severe shortages, analysts warn that the Strait of Hormuz remains essential to international energy trade.
The U.S. military has escorted hundreds of commercial vessels through the area, but experts acknowledge that no defense system can fully protect ships from Iran’s missiles and drones.
Analysts also argue that Iran is attempting to influence global energy markets by creating uncertainty rather than completely closing the strait, employing tactics similar to those used by the Houthi movement in the Red Sea, where the persistent threat of attacks has significantly reduced commercial shipping.
