Global energy markets are under intense pressure as Iran has declared the Strait of Hormuz closed and warned it will attack any ship attempting to transit the narrow waterway a critical chokepoint through which about 20 percent of the world’s oil and liquefied gas supplies normally flow prompting shipping firms major oil and gas traders and tanker owners to suspend shipments and reroute cargoes amid soaring risk and uncertainty. The fallout has triggered a dramatic surge in freight and tanker rates with very large crude carrier costs to Asia spiking more than 35 percent in recent assessments and remaining sharply elevated compared with the start of the year as vessels anchor outside the strait and insurers hike war‑risk premiums adding thousands of dollars in extra costs per voyage and squeezing global trade. At the same time Brent crude oil prices jumped into the $80‑plus range and beyond with markets pricing in a significant risk premium as exports through the Gulf remain stalled and concerns grow over possible prolonged disruption to supply which analysts warn could push crude toward triple‑digit levels if the crisis persists. The near‑standstill in tanker traffic has also driven up freight and insurance costs for gas and oil shipments with premiums rising sharply and alternative longer routes adding time and expense feeding into broader inflationary pressures and supply chain uncertainty for importers around the world as energy security concerns mount.
