The paralysis of the world's most important energy transportation route is raising concerns about a new shock to the oil market and global inflation.
Ship traffic through the Strait of Hormuz fell to 0 on March 14, marking the first time this important energy transportation route has been completely paralyzed since the conflict involving Iran, the US and Israel escalated at the end of last month.
According to data from the maritime analysis company Windward, no ships were recorded passing through the strait on this day. This is the first time since the Iran war broke out on February 28, maritime activity in the Strait of Hormuz has fallen to zero.
The figures are determined based on AIS (automatic identification system) signals emitted by ships, which allow real-time tracking of maritime transport activities. Windward's analysis shows that during that time there was no AIS signal confirming the ship passed through this narrow strait.
Under normal conditions, the Strait of Hormuz is one of the busiest energy transport corridors on the planet. This route connects the Persian Gulf with global markets and transports about 1/5 of the world's oil and liquefied natural gas (LNG) volume.
On average, about 77 ships pass through this area every day.
However, traffic began to decline sharply after military tensions broke out in the region. In the second week of the conflict, the number of ships passing through the strait decreased sharply, to only about 2.7 ships per day before falling to 0.
The collapse of maritime traffic in Hormuz shows the severity of security risks disrupting maritime trade in the Middle East. Attacks on ships and increasing military tensions have caused many shipping lines and insurance companies to completely avoid this route.
The Strait of Hormuz is a key export route for many Gulf oil and gas producers, including Saudi Arabia, UAE, Kuwait and Iraq.
If the disruption lasts, global oil and gas supplies could be tightened, causing the energy market to fluctuate further and creating new pressure on global inflation.
Currently, energy traders and policymakers are closely monitoring whether international efforts to ensure maritime security can help restore transportation through the Strait of Hormuz in the coming days.
