Strait of Hormuz Closure: Tanker Traffic, Benchmark Prices, and Inventory

Following a military buildup and the collapse of negotiations, the United States and Israel attacked Iran on Sunday, February 28, 2026, with attacks continuing since. Iran has retaliated against U.S., Israeli, and other regional targets. As hostilities escalated with no apparent end in sight, seven of the twelve major insurers—collectively underwriting 90% of global ocean-going trade—cancelled coverage across the Persian Gulf, Gulf of Oman, and Iranian territorial waters beginning at midnight GMT on March 5th. In response, vessel traffic through the Strait of Hormuz effectively ceased and had not resumed at the time of publication (Figure 1).

From the EPRINC Chart of the Week archive.