Strait of Hormuz

2026 delivered the most serious Strait of Hormuz crisis in decades. On February 28, 2026, US and Israeli forces struck Iran, reportedly killing Supreme Leader Ali Khamenei in the opening strikes; Iran retaliated by effectively closing the Strait — through which roughly a quarter of the world's seaborne crude oil and about a fifth of global LNG normally transits.

  • Major carriers (Maersk, MSC, CMA CGM, Hapag-Lloyd) suspended transits; over 150 tankers anchored outside the strait; shipping data showed a 95% drop in crude-carrying vessel traffic and a 99% drop in LNG carriers through the Gulf at the peak of the crisis.
  • Iran pursued a strategy of "preapproved routes and tolls," explicitly stating it would allow India, China and Russia continued access as "non-hostile" states — reported by Iran's Foreign Minister in late March 2026 — while threatening vessels linked to adversaries.
  • Indian-flagged tankers (Green Asha, Jag Ladki, Jag Prakash, Green Sanvi and others) continued moving LPG and crude through the strait despite the risk, underscoring India's exposure to and careful navigation of the crisis given its heavy dependence on Gulf energy.
  • A June 2026 memorandum of understanding aimed at ending the conflict broke down in July after Iran struck three commercial vessels that bypassed its approved routes, triggering renewed US strikes — leaving the waterway's status highly fluid even as of August 2026.
  • The crisis also revived Houthi attacks in the Red Sea, briefly leaving both of the Middle East's major maritime chokepoints disrupted simultaneously and forcing a wave of shipping around the Cape of Good Hope.