Commercial shipping through the Strait of Hormuz has fallen sharply following the latest exchange of attacks between the United States and Iran, according to tanker owners' association INTERTANKO. In guidance issued to members, the association noted that tanker transits via the southern route have dropped to single digits.
The renewed tensions in the region have led to a significant increase in war-risk premiums for vessels navigating the Strait of Hormuz, making the southern route a less viable option for tanker owners. INTERTANKO has advised its members to exercise extreme caution when navigating the area and to consider alternative routes. The association has also urged governments to take steps to de-escalate the situation and ensure the safe passage of commercial vessels.