Written by 07:33 Business, News

2,190 Ships Stuck in Gulf: Impact of Iran Blockade on World Economy

2,190 Ships Stuck in Gulf: Impact of Iran Blockade on World Economy

On Wednesday, new maritime data showed that Iran has blocked the Strait of Hormuz, limiting commercial traffic to a trickle across the strategically important waterway. Among the 2,190 commercial boats detained in the Arabian Gulf as a result were more than 320 oil and gas tankers.

Among the stranded vessels were twelve enormous gas carriers and fifty enormous petroleum carriers. During the two days of reporting, just six ships traversed the strait, according to marine intelligence agency Kpler. This is far lower than the 120 ships that do so every day during peacetime.

At least 48 ships have utilised the passage since last week, according to Lloyd’s List, with majority having ties to Iran or countries maintaining positive ties with Tehran. The vessels that have crossed were routed over an Iranian-approved corridor near Larak Island off its coast.

Since the United States and Israel invaded Iran on February 28, the Islamic Republic has severed all access to the Persian Gulf Strait, which normally receives around 20% of the world’s oil and gas. The Tehran toll booth has levied fees of up to $2 million on shipowners permitted passage; however, Iran has hinted that it may waive these payments for ships from friendly nations, such as Malaysia.

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