economy
March 3, 2026
Iran Has Largely Halted Oil and Gas Exports Through Strait of Hormuz
At least four tankers have been struck by drones and maritime traffic has dropped by 80%, reports say
TL;DR
- Iran has effectively closed the Strait of Hormuz to oil and gas exports for four days due to drone strikes and resulting fear.
- Maritime traffic has dropped by 80%, with key insurers cancelling cover.
- At least four tankers have been struck by drones.
- The US Central Command claims to have sunk or crippled all 11 of Iran's naval ships operating in the Gulf of Oman.
- Iran has shifted its strategy to bombing infrastructure and ships at ports, damaging Saudi Arabia's Ras Tanura oil refinery and halting Qatar's LNG production.
- Oil and gas prices have surged, with Brent crude rising 15% to $83 a barrel.
- US President Donald Trump is considering proposals to help oil tankers obtain insurance.
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