Iran War Reportedly Leaves Oil Tankers Stranded Amid Global Shipping Crisis

The U.S. and Israeli strikes against Iran have reportedly left many oil tankers stranded in the Strait of Hormuz and regional waters.

Shipping via the strait sandwiched between Oman and Iran transports roughly one-fifth of worldwide oil along with massive amounts of gas, Reuters reported. This movement ceased after vessels in the area were hit amid Iran’s response to U.S. and Israeli attacks.

Iran announced that it has shut down navigation in the Strait of Hormuz. No less than 150 ships, including oil and liquefied natural gas tankers, have been stranded in the strait and surrounding areas, according to shipping data obtained by Reuters.

The Iranian Revolutionary Guard has declared that shipping through the strait was to remain effectively closed through the weekend, according to The Washington Post.

Two projectiles damaged the U.S.-flagged tanker Stena Imperative while at Bahrain, killing a shipyard worker and injuring two more, according to a statement by Crowley and Stena Bulk to The Maritime Executive.

Such incidents are causing marine insurers to cancel war risk coverage, setting oil shipping rates to further increase, Reuters reported. Companies like Gard, Skuld and NorthStandard stated that their cancellations would begin March 5. (RELATED: Hegseth Vows To Go ‘As Far As We Need To,’ Does Not Rule Out Boots On Ground In Iran)

Insurance companies are canceling war-risk coverage for vessels in the Gulf as the widening Iran conflict disrupted shipping, leaving at least four tankers damaged, two seafarers killed and 150 ships stranded around the Strait of Hormuz https://t.co/jqihSQDx4i pic.twitter.com/E1KfMRmyXg

— Reuters (@Reuters) March 2, 2026

Oil surged nearly 8 percent and natural gas diesel went up 17 percent, The Washington Post reported.

“Oil markets might have to face their worst fears on Monday,” Barclays Bank told investors. The bank feared Brent crude oil prices could reach $100 per barrel “as the market grapples with the threat of a potential supply disruption amid a spiraling security situation in the Middle East.”

Analysts claimed that if shipping does not resume quickly, global energy costs could face a long-term increase with a particular spike in U.S. gasoline prices, according to The Washington Post.

However, others argued the market was likely overreacting to the conflict. “A sustained closure of Hormuz would almost certainly provoke coordinated regional and U.S. involvement to secure maritime passage,” Gas Buddy petroleum analysis head Patrick De Haan wrote in a blog post. “Too many global economies depend on that corridor for it to remain blocked for long.”