One of the world’s largest shipping companies suspended its transits through both the Strait of Hormuz and the Suez Canal on Sunday, citing safety concerns after a sharp escalation in military conflict in the Middle East. The decision by Maersk, the Danish multinational that operates one of the biggest container shipping fleets on the planet, underlined the severity of the disruption to global maritime trade.
The Strait of Hormuz is one of the most strategically critical shipping lanes in the world. Approximately one-fifth of global oil supplies pass through it, along with large volumes of liquefied natural gas. Iran reportedly warned all tankers shortly after US and Israeli military strikes that no vessels would be permitted to transit the strait. Marine tracking data confirmed that tankers were backed up on both sides of the waterway, unable to proceed.
Two ships were attacked in the strait over the weekend, one near Oman and another near the United Arab Emirates. The International Maritime Organization called on all vessels to exercise maximum caution and, where possible, to avoid the affected region until conditions improved. The secretary general of the organization expressed deep concern over reports that seafarers had been wounded in the attacks.
The simultaneous disruption of the Strait of Hormuz and the Suez Canal — another vital artery of global trade — represents an unprecedented challenge for global shipping. Both waterways are critical to the efficient movement of energy commodities, manufactured goods, and raw materials between Asia, Europe, and the Americas. A prolonged closure of both routes would force vessels to take significantly longer alternative routes, adding cost and time to global supply chains.
Energy markets reacted sharply to the shipping crisis. Gas prices surged across Europe and the UK, and oil rose to a 14-month high before settling at elevated levels. Stock markets fell globally, with aviation and energy-intensive industries among the worst affected. Analysts warned that the economic consequences of a sustained disruption to these critical waterways could be severe and far-reaching.