The US has begun blockading maritime activities related to Iran, causing significant impact on global oil supplies and energy transportation chains. After negotiations in Islamabad last weekend failed, US President Donald Trump announced that the US Navy is intercepting all ships entering and leaving Iranian-related areas in the Strait of Hormuz from 10 am on April 13 (Eastern US time).
The US Central Command said that unlicensed ships could be intercepted, diverted or arrested. However, Washington affirmed that it would not obstruct ships from crossing the strait to ports not belonging to Iran. In response, the Iranian Islamic Revolutionary Guards warned that they would consider the presence of military ships in the area as a violation of the ceasefire agreement.
The blockade puts Iran's approximately 2 million barrels of oil per day at risk of not being able to access the international market. Previously, Iran exported 1.84 million barrels per day in March and 1.71 million barrels per day in April, according to data from Kpler.
However, temporary supply is still maintained thanks to large oil stockpiles, with more than 180 million barrels being transported or stored offshore, of which about 100 million barrels are offshore in many countries such as Malaysia and Indonesia.
Transportation through the Strait of Hormuz has been seriously disrupted since the conflict broke out, despite the 2-week ceasefire agreement. Some ships are still able to move through the area. A Chinese methanol tanker has passed through the strait, while 2 other ships are also pursuing similar routes. Previously, some oil tankers from Pakistan and Liberia entered the Gulf to receive goods, but some ships had to turn around and anchor near Oman Bay.
Asian countries are most affected by dependence on oil flows through the Strait of Hormuz, which accounted for about 20% of total global oil and natural gas transportation before the conflict. India began resuming imports after years of disruption.
This development is increasing pressure on the oil market and entails the risk of global economic instability.
