The Strait of Hormuz, a critical channel for global oil supply, has closed again. Even before Iran announced the closure, ship operators had reduced sailings through the channel due to uncertainty and safety concerns.

Impact on Global Oil Supply

The closure of the Strait of Hormuz is expected to have a significant impact on global oil supply. Nearly 500 ships, including 220 oil tankers, have been trapped in the Persian Gulf since the start of the war. Despite the signing of a ceasefire agreement, experts agree it will take months for ship traffic and oil flows to return to normal.

Ship operators are hesitant to sail through the channel due to the risk of mines and navigational incidents. The central part of the Strait is mined and unnavigable, and only the inshore traffic zones close to Oman and Iran are reportedly free of mines.

Concerns for Ship Owners and Crew

Ship owners are concerned about the safety of their vessels and crew. There are an estimated 20,000 crew members still stuck on ships in the Persian Gulf. Many seafarers are eager to leave, but there are concerns about the safety of passage.

Maritime insurers have yet to declare they will cover damage from war risk, which is a major concern for ship owners. The lack of insurance coverage has made it difficult for ship owners to operate in the region.

Original reporting: KTVZ (Central Oregon) — read the source article.