Sinking a fourth oil ship in the Strait of Hormuz amid desperate attempts to breach it

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Published on Tuesday, 03 March 2026 09:11
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https://alkhabaralyemeni.net/2026/03/03/331502/

Iranian forces sank a new oil ship in the Strait of Hormuz on Monday amidst desperate attempts to break its closure.

Exclusive – Al-Khabar Al-Yemeni:

The Iranian forces announced the targeting of a new oil ship that ignored warnings not to cross the most important strait in the Gulf. The ship was targeted just before it entered the Arabian Sea.

This ship is the fourth of its kind within two days, as the Revolutionary Guard had previously announced the targeting of 3 American and British oil ships in the strait.

Companies contracted with the US military are attempting to pass fuel shipments to its battleships stranded in the Indian Ocean, something Iran is trying to prevent.

Navigation tracking websites showed a complete paralysis of movement in the Strait of Hormuz for the second consecutive day.

US battleships failed to reopen the strait and were forced to move away from it following a series of attacks that targeted American battleships in the region, including the American aircraft carrier “USS Abraham Lincoln.”

The strait is one of the most important oil passages between the world and its producing countries in the Middle East, and its closure may increase the pace of the global energy crisis.

Global oil, gas shipping costs surge as Iran vows to close Strait of Hormuz

 

By Florence Tan and Emily Chow

March 3, 202612:57 AM GMT+1Updated 2 hours ago

An aerial view of the Iranian shores and the island of Qeshm in the strait of Hormuz, December 10, 2023. REUTERS/Stringer Purchase Licensing Rights, opens new tab

  • Summary
  • Companies
  • Mideast-China VLCC rate exceeds $400,000/day
  • Atlantic, Pacific LNG freight rates jump more than 40%
  • South Korea maritime ministry tells shippers to refrain from operating in the Mideast

SINGAPORE, March 3 (Reuters) - Global oil and gas shipping rates soared, with supertanker costs in the Middle East hitting all-time highs, as the U.S.-Iran conflict intensified after Tehran targeted ships passing through ‌the Strait of Hormuz, according to shipping data and industry sources on Tuesday.

Shipping through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near halt after vessels in the area were hit as Iran retaliated to U.S. and Israeli strikes.

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The disruption and fears of prolonged closure have caused oil and European natural gas prices to jump, with Brent crude futures up nearly 10% this week as the conflict triggered multiple oil and gas shutdowns in the ⁠Middle East.

The benchmark freight rate for the very large crude carriers (VLCCs) used to ship 2 million barrels of oil from the Middle East to China, also known as TD3, rose to an all-time high of W419 on the Worldscale industry measure used to calculate freight rates, on Monday, or $423,736 per day, LSEG data showed.

Mideast to Asia oil shipping cost hit all-time high amid US-Iran conflict

The rate doubled from Friday, extending gains from a six-year high last week, after the U.S. and Israel attacked Iran and killed its Supreme Leader Ayatollah Khamenei on Saturday.

In retaliation, Iran has struck Gulf countries, prompting precautionary shutdowns at oil and gas facilities across the Middle East.

An Iranian Revolutionary Guards senior official said on Monday that the Strait of Hormuz is closed and Iran will fire on any ship trying to pass, Iranian media reported.

The U.S. military's Central Command said the Strait is not closed despite the Iranian statements, Fox News reported.

LNG SHIPPING RATES JUMP

Still, daily freight rates for LNG tankers jumped more than 40% on Monday after Qatar ‌halted ⁠its production.

Atlantic rates rose to $61,500 per day on Monday, up 43%, or $18,750, from Friday, according to Spark Commodities, a pricing assessment agency for LNG shipping. Pacific rates rose to $41,000 per day, up 45%, or $12,750, from Friday.

Fraser Carson, principal analyst for global LNG at energy consultancy Wood Mackenzie, said spot daily LNG shipping rates could rise above $100,000 this week on tight supply.

it was a charter flight, and as soon as I arrived at the airport, they said to me, ‘get on board immediately,

"Vessel availability for the rest of March is considered weak as cargo operators try to work through the backlog created by weather ⁠disruptions during February," he said.

"There will be very strong competition for any available vessels," he added.

Until safe passage through the Strait of Hormuz can be assured, shipping will remain idle, Carson said.

An oil shipbroker who declined to be named due to company policy said it is very difficult to assess shipping rates in the Gulf as several shipowners have ⁠suspended operations indefinitely.

South Korean shipping firm Hyundai Glovis (086280.KS), opens new tab said on Tuesday it is preparing contingency plans including securing alternative routes and ports in response to the Middle East conflict.

South Korea's maritime ministry has issued a notice to South Korean shippers with vessels sailing in the Middle East, asking them to refrain ⁠from business operations in the region, an official told Reuters on Tuesday.