Oil tankers idle in Persian Gulf as tensions simmer in Hormuz Strait

At least 40 oil tankers, each carrying around 2 million barrels of crude oil, are currently idling in the Persian Gulf and are reluctant to pass through the Strait of Hormuz. 

Major shipping companies have also advised vessels to remain in place, as reported by Bloomberg, citing vessel-tracking data from Kpler.

Following attacks near the strait, shipowners and captains prefer to wait for a clearer security situation before proceeding through the key maritime corridor that connects the world’s largest oil producers with global markets.

Although Iran has not officially announced the closure of the strait, tensions in the region have sharply escalated. According to ship-tracking data from Vortexa, only four supertankers passed through the strait on March 1 — 22 fewer than the previous day. Some vessels are switching off their transponders and effectively disappearing from radar to reduce risks, while signal jamming is further complicating the situation.

The crisis is exacerbated by the fact that more than half of the world’s largest insurers have suspended war-risk coverage for ships entering the Persian Gulf. International maritime security bodies have also raised the threat level to critical following confirmed attacks on commercial vessels in the Gulf of Oman and off the coast of the UAE.

The latest affected vessel was the tanker Sea La Donna, and the circumstances of the incident are still under investigation. The Joint Maritime Information Center stated that it had found no connection that would make these vessels potential targets for attacks.

Authorities monitoring compliance with international maritime law have also raised concerns. The flag registries of Liberia and the Marshall Islands — the largest and third-largest in the world, respectively — have urged vessels to observe the highest level of security. This means that cargo operations should be suspended.

Analysts at JPMorgan & Chase warn that if the strait is fully blocked for more than 25 days, producers may face a shortage of oil storage capacity, forcing them to cut production. The Strait of Hormuz plays a crucial role not only in oil supplies but also as a key route for liquefied natural gas (LNG) transportation: a significant share of Qatar’s LNG exports — accounting for about 20% of global supply — passes through it.

Concerns have also spread to the Red Sea, where Yemen’s Houthi militants have fired on commercial vessels. Some of the world’s largest container shipping companies are rerouting vessels to avoid the Red Sea after Iran-backed Houthis threatened to resume attacks on cargo ships in the area.

By Khagan Isayev