Due to a sharp increase in security threats, shipping through the Strait of Hormuz has virtually come to a halt. As a result, more than 700 oil tankers are waiting on both sides of this strategically important waterway, as reported by Anadolu Agency.
As of March 1, the volume of crude oil and petroleum product shipments through the Strait of Hormuz decreased by 86% compared to the daily averages of 2026. On that day, only three tankers passed through the strait.
The Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Indian Ocean, is a key route for oil and liquefied natural gas (LNG) supplies from Middle Eastern countries to global markets.
This important route accounts for about 20% of the world's daily oil consumption, which amounts to approximately 20 million barrels. The main exporters through the strait are Saudi Arabia, the UAE, Iraq, Kuwait, and Iran, while the primary destinations for shipments remain Asian countries such as China, Japan, India, and South Korea.
It has become known that following recent attacks by the U.S. and Israel on Iranian territory, vessel traffic through the Strait of Hormuz has been virtually paralyzed. Increased insurance risks and rising insurance costs for vessels have led many operators to suspend transit.
According to Kpler, a real-time data processing company, on February 27, 15 tankers passed through the strait, transporting about 21 million barrels of oil and petroleum products.
The next day, February 28, the number of vessels increased to 18, and the total volume of shipments amounted to 21.6 million barrels. However, on March 1, despite these figures, only three tankers transported 2.8 million barrels, of which one carried about 2 million barrels of crude oil.
Since the beginning of the year, an average of about 19.8 million barrels of oil and petroleum products passed through the Strait of Hormuz daily. Thus, on March 1, there was a sharp decline in export volumes by 86% from the daily average level.
Analysts note that initially, the rise in risks contributed to active cargo unloading, but the deterioration of the situation led to a virtual halt in transit.
As of today, 706 tankers not owned by Iran are waiting at the entrances to the Strait of Hormuz. Among them are 334 tankers with crude oil, 109 vessels with dark petroleum products, and 263 tankers with refined petroleum products. These vessels are awaiting passage in various areas of the Persian Gulf (west of the strait), the Gulf of Oman (east of the strait), and the Arabian Sea.
