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This article was automatically translated from the original Turkish version.
Strait of Hormuz Crisis (2026) is a crisis that acquired military and commercial dimensions following the announcement on 2 March 2026 by the Islamic Revolutionary Guard Corps of Iran that transit through the Strait of Hormuz had been closed, after the attacks launched by the United States and Israel against Iran on 28 February 2026. As of 5 March 2026, commercial shipping traffic through the Strait of Hormuz had effectively come to a halt.
Strait of Hormuz - (Anadolu Ajansı)
The Strait of Hormuz is a narrow waterway at the mouth of the Persian Gulf that connects oil and liquefied natural gas (LNG) production in the Middle East to global markets via the Sea of Oman and the Indian Ocean.
Approximately 20 million barrels of oil pass through the strait daily, equivalent to about 20 percent of global daily oil consumption. This strategic chokepoint transports significant volumes of oil from Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Iran and all of Qatar’s liquefied natural gas (LNG) exports to international markets.
About 20 percent of global LNG exports transit through the Strait of Hormuz. Nearly all of Qatar’s LNG exports, one of the world’s largest exporters, reach international markets via this route. A significant portion of these shipments is destined for Asian countries such as China, India, Japan and South Korea.
According to data from the United Kingdom Maritime Trade Operations (UKMTO), the Strait of Hormuz historically sees an average of 138 vessels per day.
28 February 2026 saw the outbreak of hostilities in the region following attacks launched by the United States and Israel against Iran. Iran responded with strikes against Israeli targets as well as U.S. bases and facilities in the region.
Iranian media claimed that transit through the Strait of Hormuz had been “effectively closed” by halting vessel movements. Reports in international media, citing a European Union official, stated that the Islamic Revolutionary Guard Corps (IRGC) had communicated to vessels intending to pass through the Strait of Hormuz: “No vessel will be permitted to pass.”
However, no official statement from Iran confirming the closure of the Strait of Hormuz was issued on 28 February. The United Kingdom Maritime Trade Operations (UKMTO), in its advisory, warned of “significant” military activity in the region and urged mariners to account for increased electronic interference and disruptions in Automatic Identification Systems (AIS) and other navigation or communication systems.
UKMTO also reported receiving multiple reports via international calling channel VHF Channel 16 concerning claims that the Strait of Hormuz had been closed. It clarified that these claims had not been verified, that statements on VHF Channel 16 were not legally binding, and that no restriction on navigation under international law had been imposed. UKMTO urged vessels to proceed with extreme caution.
On 28 February 2026, commercial vessel traffic continued heavily through the Strait of Hormuz, although some container ships were reported to have made U-turns in the Gulf of Oman and the Strait of Hormuz, while other commercial vessels had begun anchoring in the Gulf.
1 March 2026 saw Iranian state television report that a petroleum tanker attempting to pass through the Strait of Hormuz despite warnings had been struck.
According to the report, a petroleum tanker attempting an “illegal” transit through the Strait of Hormuz without heeding warnings was targeted. Footage was released showing the tanker engulfed in flames and sinking.
On the same day, the German-based company Hapag-Lloyd, one of the world’s largest container shipping companies, announced the suspension of all vessel transits through the Strait of Hormuz until further notice.
In its statement regarding transit through the Strait of Hormuz, Hapag-Lloyd stated: “Due to the conflict in the Middle East and the deteriorating security situation in the region, and in light of the official closure of the Strait of Hormuz by relevant authorities, Hapag-Lloyd is suspending all vessel transits through this waterway until further notice.”
The statement emphasized that the safety and security of crew, vessels and cargo remained the highest priority and noted that the measure taken was not voluntary but a necessary step under current conditions and regulatory constraints.
The company stated it was closely monitoring rapidly evolving developments and maintaining continuous contact with authorities, adding:
“As a result of this situation, delays, rerouting or schedule adjustments may occur for services calling at ports in the Persian Gulf. We are working to minimize disruptions and will communicate significant changes regarding affected shipments as soon as possible.”
1 March 2026 saw the Danish-based company Maersk, one of the world’s largest container shipping companies, announce the suspension of all vessel transits through the Strait of Hormuz until further notice.
In its written statement, Maersk referenced the situation in the Strait of Hormuz following the joint attacks by the United States and Israel on Iran and the alleged closure of the strait by Iran.
The statement affirmed that the safety of Maersk’s crew, vessels and cargo was the company’s top priority and stated: “We are suspending all vessel transits through the Strait of Hormuz until further notice.”
Delays, route changes or schedule adjustments were noted as possible for services calling at regional ports.
1 March 2026 saw the French channel BFMTV report that amid the U.S. and Israeli attacks on Iran and Iran’s retaliatory strikes, congestion had emerged in Strait of Hormuz traffic and that the French nuclear-powered aircraft carrier Charles de Gaulle was moving toward the Eastern Mediterranean.
According to the report, following the U.S. and Israeli attacks on Iran, Iran had targeted facilities in several regional countries including Qatar, the United Arab Emirates and Bahrain, where U.S. military bases are located. In response, France diverted its nuclear-powered aircraft carrier Charles de Gaulle and its accompanying vessels from their Baltic Sea mission. It was reported that the Charles de Gaulle and its accompanying vessels had been redirected to the Eastern Mediterranean.
Laurent Martens, General Representative of the French Shipowners’ Association Armateurs de France, told the national press that 60 vessels flying the French flag or owned by French companies were stranded in the Persian Gulf.
Martens stated that these vessels had passed through the Strait of Hormuz and, following instructions from the French navy to seek safe harbor, had moved to ports in the region. The safety of the crews was confirmed. Martens assessed that French vessels were not “priority targets” in Iranian attacks.
1 March 2026 saw the United Kingdom Maritime Trade Operations (UKMTO) announce that the maritime security situation in the Strait of Hormuz had escalated to its highest risk level: “critical.” This followed confirmation of multiple attacks on commercial vessels in the Gulf of Oman, near Musandam and in the territorial waters of the United Arab Emirates (UAE) over the previous 24 hours.
The UKMTO statement confirmed that multiple vessels in the Gulf of Oman, near Musandam and in UAE coastal waters had been targeted by missiles and unmanned aerial vehicles. Attacks were recorded against the crude oil and petroleum tankers SKYLIGHT, MKD VYOM and SEA LA DONNA in the past 24 hours.
The statement noted that no connection could be established between these vessels and any specific characteristics making them suitable targets, and added: “Although the Strait of Hormuz has not been officially closed, the operational environment in this region reflects active kinetic threat conditions.”
The statement noted that the average daily vessel transits through the Strait of Hormuz are 138, but that over the past 24 hours this number had dropped by more than 20 percent to approximately 110. This decline was described as a temporary reaction rather than a structural reduction.
It was indicated that vessel density was expected to increase near UAE coastal ports, off the coast of Oman and in anchorage areas around the Strait of Hormuz, as operators deferred transits until the situation became clearer.
2 March 2026 saw several maritime insurance companies announce the cancellation of war risk insurance coverage for vessels in the region following the weekend’s joint attacks by the United States and Israel on Iran.
The UK-based NorthStandard and London P&I Club, the Norwegian-based Gard and Skuld, and the American Club announced on their websites that they had received cancellation notices from their reinsurers regarding war risks in Iran and the Persian Gulf.
According to the published notices, war risk coverage will be excluded for waters of Iran, the Gulf and adjacent waters. It was specified that this decision would take effect as of 5 March 2026.
2 March 2026 saw oil tanker transits through the Strait of Hormuz effectively cease, with over 700 tankers accumulating on either side of the strait.
According to analysis by real-time data analytics firm Kpler, on 27 February 2026, 15 tankers carrying 21 million barrels of crude oil and petroleum products transited the Strait of Hormuz. On 28 February 2026, transits increased to 18 vessels carrying 21.6 million barrels.
As tensions escalated, on 1 March 2026 only three tankers transited the Strait of Hormuz, carrying a total of 2.8 million barrels of crude oil and petroleum products. One of these tankers was reported to carry approximately 2 million barrels of crude oil.
As of 2 March, it was reported that 706 non-Iranian tankers were waiting on either side of the Strait of Hormuz. Their distribution was as follows:
These tankers are anchored at various locations in the Persian Gulf (west of the strait), the Gulf of Oman (east of the strait) and the Arabian Sea.
Vessels are heading to UAE ports due to disruption in navigation through the Strait of Hormuz, 2 March 2026 - (Anadolu Ajansı)
2 March 2026 saw Brigadier General Ibrahim Cebbari, Advisor to the Commander-in-Chief of the Islamic Revolutionary Guard Corps, announce that transit through the Strait of Hormuz had been closed.
Speaking on Iranian state television, Cebbari stated that in response to the U.S.-Israeli attacks, no transit would be permitted through the Strait of Hormuz, and declared:
“The Strait of Hormuz is closed. We will attack and set fire to any vessel attempting to pass. (Vessels attempting to pass) will be burned by our heroic personnel in the Navy and Ground Forces of the Revolutionary Guard. Do not come to this region. The price of oil has reached $82 and the world is certainly expecting it to reach at least $200. We will also attack oil pipelines and will not allow a single drop of oil to leave this region.”
On the same day, the Islamic Revolutionary Guard Corps issued another statement saying that 26 unmanned aerial vehicles and five ballistic missiles had been fired at fixed and mobile U.S. military targets in Kuwait, the United Arab Emirates, Bahrain and the Strait of Hormuz.
3 March 2026 saw maritime traffic to and from the Gulf effectively halted following the closure of the Strait of Hormuz. It was reported that numerous vessels remained stranded in the region as of 3 March. Concerns over disruptions to global energy supplies intensified, leading to price increases in international markets.
Maritime research firm Drewry indicated that, following the closure of the Strait of Hormuz, shipping companies were expected to seek alternative solutions involving overland transport and loading at ports outside the Gulf.
It was reported that the significant closure of airspace in Gulf countries had disrupted air cargo operations and crew movements, with no definite timeline for reopening.
In this context, it was noted that shipping companies might further reduce transit through the Suez Canal and prioritize routes around the Cape of Good Hope.
It was reported that cargo owners were facing increased freight rates, longer transit times, supply chain delays and the risk of equipment shortages, with anticipated increases in fuel costs.
According to Windward data, vessel transits through the Strait of Hormuz dropped to 7 on 2 March 2026 and to 4 on 3 March 2026, representing a 90 percent decline compared to the average over the previous seven days.
Vessel traffic in the Strait of Hormuz, 5 March 2026 - (Anadolu Ajansı)
According to MarineTraffic data, petroleum tanker traffic through the Strait of Hormuz on the same date had also declined by 90 percent compared to pre-attack levels.
3 March 2026 saw European gas prices rise by more than 100 percent following the closure of the Strait of Hormuz and the suspension of production at a liquefied natural gas (LNG) facility owned by Qatar Energy.
It was reported that one of the unmanned aerial vehicles launched from Iran had targeted the Qatar Energy LNG production facility in Ras Laffan Industrial City, prompting the company to halt LNG production. The inability to export LNG through the Strait of Hormuz, combined with the shutdown of production at Qatar — a critical hub in global LNG supply — accelerated the rise in European gas prices.
At the Netherlands-based virtual natural gas trading hub TTF, the price of natural gas for April delivery rose to 65.5 euros per megawatt-hour as of 3 March 2026. Prices had closed at 31.95 euros per megawatt-hour on 27 February 2026, prior to the U.S.-Israeli attacks on Iran.
According to these figures, European gas prices had risen by more than 100 percent compared to pre-attack levels, with a 47 percent increase recorded within the same day compared to the previous closing price.
3 March 2026 saw U.S. President Donald Trump announce that the U.S. Navy would escort tankers passing through the Strait of Hormuz if necessary.
In a social media post, Trump stated he had directed the U.S. International Development Finance Corporation (DFC) to immediately provide political risk insurance and guarantees to secure the financial safety of all maritime trade through the Gulf, particularly energy shipments. This measure was stated to apply to all shipping companies.
In his statement, Trump used the following words: “If necessary, the U.S. Navy will begin escorting tankers through the Strait of Hormuz as soon as possible.”
4 March 2026 saw the Islamic Revolutionary Guard Corps announce that more than ten petroleum tankers attempting to transit the Strait of Hormuz despite warnings had been struck since the commencement of U.S.-Israeli attacks.
According to a report by the semi-official Fars News Agency, citing the Revolutionary Guard’s statement, tankers that ignored repeated warnings about the insecurity of the Strait of Hormuz had been targeted with various munitions and rendered inoperable.
The report stated that the Strait of Hormuz was under wartime conditions, with vessels vulnerable to damage from missiles or unguided drones. It therefore advised vessels not to transit the region.
On 4 March, Deputy Commander of the Islamic Revolutionary Guard Corps Navy, Mohammad Ekberzade, announced that the Strait of Hormuz was under “full control.”
Speaking to Fars News Agency, Ekberzade stated that after Iran declared a “transit ban” on the Strait of Hormuz, transit by oil, commercial and fishing vessels was no longer possible.
Ekberzade, in his message to global maritime traffic, stated that the Strait of Hormuz was entirely under wartime conditions and that vessels were at risk of damage from rockets or unmanned aerial vehicles. He therefore urged vessels not to transit the area.
Ekberzade confirmed that more than ten petroleum tankers had been targeted and destroyed with various munitions and added: “At this moment, the Strait of Hormuz is under the full control of the Iranian Navy.”
On 5 March, Deputy Commander of the IRGC’s Hatem al-Anbiya Headquarters, Kiyomers Haydari, argued that the Strait of Hormuz had not been closed.
Speaking to Iranian state television, Haydari stated that criticisms claiming the Strait of Hormuz had been closed did not reflect the truth. He declared: “Criticism that we closed the Strait of Hormuz does not reflect the truth. We did not close it — the United States closed it. The Strait of Hormuz is a minor element of our war. We have many other options. We did not close the Strait of Hormuz; vessels complying with international protocols continue to navigate.” Haydari affirmed that vessels adhering to international protocols were continuing their voyages.
On the same day, the Islamic Revolutionary Guard Corps announced that a U.S. oil tanker in the Persian Gulf had been struck by a missile. The IRGC Navy reported that the U.S. oil tanker, struck in the northern Persian Gulf, had caught fire and continued to burn.
The Revolutionary Guard asserted that control over transit through the Strait of Hormuz during wartime belonged to Iran. The statement declared that no transit permission would be granted to military or commercial vessels of the United States, Israel, European countries or their supporters; such vessels would be targeted if detected.
On 6 March 2026, U.S. Treasury Secretary Scott Bessent announced the issuance of a 30-day temporary exemption allowing Indian refineries to continue purchasing Russian oil. In a social media post, Bessent noted that President Donald Trump’s energy agenda had resulted in U.S. oil and natural gas production reaching unprecedented levels and stated, “To ensure the continued flow of oil into global markets, the Treasury Department is issuing a 30-day temporary exemption permitting Indian refineries to purchase Russian oil.””
Bessent emphasized that the measure was deliberately short-term and authorized only for transactions involving oil already stranded at sea. He stated that this would not provide significant financial benefit to the Russian government. Bessent also underscored India’s importance as a key partner of the United States, adding, “We expect New Delhi to increase its purchases of U.S. oil. This temporary measure will alleviate the pressure caused by Iran’s attempt to hold global energy hostage.””
On 6 March 2026, Qatar announced that its stockpiles of food and medical supplies remain at sufficient levels following the near-halt of transit through the Strait of Hormuz.
A written statement by the Qatari Ministry of Interior confirmed that stockpiles across the country are adequate and that markets and healthcare facilities are operating normally.
The statement included the assertion that “Food and medical supply stockpiles are at sufficient levels to ensure continuous supply and meet public needs in accordance with approved emergency plans.” The government called on citizens and residents to exercise prudence and emphasized the importance of maintaining market stability.
In its public statement, the government urged, “We invite the public to continue responsible consumption, act with awareness, and avoid unnecessary stockpiling to contribute to market stability.””
On 6 March 2026, U.S. Energy Secretary Chris Wright responded to a question about whether the U.S. Navy would escort tankers through the Strait of Hormuz if necessary with the reply: “As soon as possible.”
Wright stated that the focus of U.S. military assets is “to suppress Iran’s capacity to harm its neighbors and Americans in the region,” and added, “Therefore, we must first significantly reduce their ability to cause disruption. Then, as soon as feasible, we must allow ships to pass through the strait and restore energy flows.”
When asked why the United States permitted India to purchase Russian oil, Wright described it as a pragmatic step, stating: “This is not a change in policy toward Russia. However, there are many Russian oil tankers near Indian refineries in South Asia. India and all Asian countries rely heavily on oil transported through the Strait of Hormuz. The problem lies here. We seek pragmatic solutions to ensure refineries can continue operating.”
Wright noted that shipping American oil to the region takes longer and confirmed that decisions had been made to move some “floating barrels” to refineries.
Regarding the duration of gasoline price declines, Wright said: “I believe it will last at most a few weeks, not months.” In the same statement, he assessed: “Iran has been responsible for rising energy prices for 47 years, throughout the entire history of the regime. Right now we are experiencing a brief interruption in their ability to destroy, kill Americans, and terrorize neighbors.”
In response to whether the U.S. administration was considering reopening nuclear facilities to reduce energy costs, Wright replied: “Absolutely.”
On 6 March 2026, Brigadier General Ebrahim Shikari, Spokesperson for the Iranian Armed Forces General Staff, stated on state television that Iran is not targeting regional countries and that its operations are directed solely at the United States and Israel. Shikari said: “We have not closed and will not close the Strait of Hormuz.” He emphasized that the strait is a vital route for global trade and that Iran values the security of this international waterway.
The Iranian general stated that transit through the strait would not be blocked, but that security could not be guaranteed during wartime. He added: “We will not permit two types of vessels to pass through the Strait of Hormuz: those flying the American flag or the Zionist regime’s flag. If they attempt to pass, they will be targeted. Only two flags are denied passage: the American flag and the Zionist flag. Other countries may sail under any flag they choose.”
Referring to U.S. President Donald Trump’s announcement that the United States would send escorts for its ships through the Strait of Hormuz, Shikari said: “Iran welcomes and anticipates the presence of U.S. forces escorting oil tankers and attempting to pass through the Strait of Hormuz.”
Shikari affirmed that Iran will continue targeting U.S. and Israeli forces without restraint, warning that “more advanced weapons will soon be used.” He noted that further details regarding an incident at a U.S. base in Bahrain are expected to be released the following day. The Iranian general added: “Our attacks against the United States and the Zionist regime will intensify daily. We will reveal further surprises for the United States and the Zionist regime.”
On 6 March 2026, U.S. Treasury Secretary Scott Bessent announced the issuance of a 30-day temporary exemption allowing Indian refineries to purchase Russian oil. In a social media post, Bessent stated that President Donald Trump’s energy agenda had resulted in the United States achieving its highest-ever levels of oil and natural gas production and added, “To ensure the continued flow of oil to global markets, the Treasury Department is issuing a 30-day temporary exemption permitting Indian refineries to purchase Russian oil.””
Bessent emphasized that the measure was deliberately short-term and authorized only for transactions involving oil already stranded at sea. He noted that this would not provide significant financial benefit to the Russian government. Bessent also underscored India’s importance as a key partner of the United States and added, “We expect New Delhi to increase its purchases of U.S. oil. This temporary measure will alleviate the pressure caused by Iran’s attempt to hold global energy hostage.””
On 6 March 2026, Qatar announced that its stockpiles of food and medical supplies remain at sufficient levels following the near-halt of transit through the Strait of Hormuz.
In a written statement by the Qatari Ministry of Interior, it was confirmed that stockpiles across the country are adequate and markets and healthcare institutions are continuing to operate normally.
The statement included the assertion that “Food and medical supply stockpiles are at sufficient levels to ensure continuous supply and meet public needs in accordance with approved emergency plans.” A call for prudent behavior was issued to citizens and residents, with emphasis placed on the importance of maintaining market stability.
In its public statement, it was added that “We invite the public to avoid hoarding, act responsibly, and contribute to market stability by continuing responsible consumption.””
On 6 March 2026, U.S. Energy Secretary Chris Wright responded to a question regarding whether the U.S. Navy would escort tankers through the Strait of Hormuz with the reply, “As quickly as possible.”
Wright stated that the focus of U.S. military assets is “to suppress Iran’s capacity to harm its neighbors and Americans in the region,” and added, “Therefore, we must first significantly reduce their ability to cause trouble. Then, as soon as feasible, we must allow ships to pass through the strait and restore energy flows.”
When asked why the United States permitted India to purchase Russian oil, Wright described it as a pragmatic step and stated, “This is not a change in policy toward Russia. However, there are many Russian oil tankers near Indian refineries in South Asia. India and all Asian countries rely heavily on oil transported through the Strait of Hormuz. The problem lies here. We seek pragmatic solutions to ensure refineries can continue operating.”
Wright noted that shipping American oil to the region takes longer and confirmed that decisions had been made to move some “floating barrels” to refineries.
Regarding the duration of gasoline price declines, Wright said, “I believe it will last at most a few weeks, not months.” In the same statement, he assessed, “Iran has caused energy price spikes for 47 years, throughout the entire history of its regime. Right now we are experiencing a brief interruption aimed at finally ending their ability to destroy, kill Americans, and terrorize neighbors.”
In response to whether the U.S. administration was considering reopening nuclear facilities to reduce energy costs, Wright replied, “Absolutely.”
On 6 March 2026, Brigadier General Ebrahim Shikari, Spokesperson for Iran’s General Staff, stated on state television that Iran was not targeting regional countries in relation to the situation in the Strait of Hormuz and that its operations were directed solely at the United States and Israel. “We have not closed and will not close the Strait of Hormuz,” Shikari said, adding that the strait is a vital route for global trade and that Iran values the security of this international waterway.
The Iranian general stated that passage through the strait would not be blocked, but safety could not be guaranteed during wartime, and added, “We will not permit two types of vessels to pass through the Strait of Hormuz: those belonging to the United States and the Zionist regime. If they attempt to pass, they will be targeted. Only two flags are not allowed to pass: the American flag and the Zionist flag. Other countries may sail under any flag they choose.”
Referring to U.S. President Donald Trump’s statement about sending escorts for U.S. ships through the Strait of Hormuz, Shikari said, “Iran welcomes and looks forward to claims that the United States will escort oil tankers and provide presence for passage through the Strait of Hormuz.”
Shikari affirmed that Iran will continue targeting U.S. and Israeli forces without restriction and warned that “more advanced weapons will soon be used.” He noted that further details regarding an incident at a U.S. base in Bahrain are expected to be released the following day. The Iranian general added, “Our attacks against the United States and the Zionist regime will increase daily. We will reveal further surprises for the United States and the Zionist regime.”
On 7 March 2026, Iran announced that an oil tanker named “Prima”, which had ignored repeated warnings, had been struck by an unmanned aerial vehicle (UAV) in the Strait of Hormuz. According to a statement by the Islamic Revolutionary Guard Corps, the oil tanker “Prima” was targeted by a UAV despite repeated warnings from the Iranian Navy that the Strait of Hormuz was unsafe and closed to traffic. The statement emphasized that the attack was carried out due to the tanker’s disregard of these warnings.
The earlier statements by Brigadier General Ebrahim Shikari regarding vessel passage through the Strait of Hormuz were again cited. Shikari stated, “We will not permit two types of vessels to pass through the Strait of Hormuz: those belonging to the United States and the Zionist regime. If they attempt to pass, they will be targeted. Only two flags are not allowed to pass: the American flag and the Zionist flag. Other countries may sail under any flag they choose.”
On 7 March 2026, U.S. Treasury Secretary Scott Bessent, in an interview with Fox Business, signaled that certain sanctions on Russian oil could be eased as part of steps to sustain global oil supply.
Bessent recalled the previously announced 30-day temporary exemption permitting Indian refineries to purchase Russian oil and praised India’s “positive stance” on oil supply. Referring to the volatility in global oil supply following U.S. and Israeli attacks on Iran and Iran’s retaliatory strikes, Bessent emphasized that maintaining the flow of oil to markets remains the top priority. He indicated the possibility of lifting certain sanctions on Russian oil and noted that additional measures to safeguard global supply are under evaluation.
On 7 March 2026, Iran announced that a tanker named “Louise P,” flying the flag of the Marshall Islands, had been struck in the Persian Gulf on the grounds that it was “owned by the United States.” According to a statement by the Islamic Revolutionary Guard Corps, the vessel was targeted by a UAV at midday by the IRGC Navy. The statement clarified that the tanker was attacked because it was deemed a U.S.-affiliated asset. The IRGC had previously declared that all U.S. and Israeli assets in the region are legitimate targets.
On 9 March 2026, South Korean President Lee Jae Myung issued directives to accelerate measures to ensure energy supply security following increased tensions in the Middle East due to U.S. and Israeli attacks on Iran.
In an inter-ministerial meeting, Lee stated, “As the crisis in the Middle East deepens, uncertainty in the local and global economic environment is significantly expanding, posing a serious burden on the South Korean economy, which relies heavily on energy imports and trade from the Middle East.” He noted that the situation’s trajectory is unpredictable and added, “The government must prepare preventive intervention measures with a sense of urgency, even considering worst-case scenarios.”
Lee instructed the government and the Bank of Korea to prepare for “instability” in the foreign exchange market and indicated that the market stabilization program, which could be expanded to approximately $67 billion (100 trillion won) if necessary. On energy supply, Lee said, “We will cooperate with our strategic partners to immediately explore alternative routes that do not require passage through the Strait of Hormuz.”
Lee also demanded strict measures against secret agreements, price manipulation, and stockpiling between refineries and gas stations, and called for the imposition of severe penalties and the introduction of a ceiling price system for gasoline and diesel.
On 9 March 2026, U.S. President Donald Trump, speaking to journalists aboard Air Force One, expressed no concern over rising gasoline prices amid ongoing U.S. and Israeli attacks on Iran and Iran’s retaliatory strikes.
In response to questions about concerns over gasoline prices, Trump replied, “No, this is a short trial of something that should have been done 47 years ago. It took 47 years to do this, and no president had the courage to do it.”
Regarding maritime traffic in the Strait of Hormuz, Trump noted that ships in the region had joined the United States, but that efforts were not yet complete, and added, “We destroyed their navy. Their fleet is now at the bottom of the sea. This is a choice.”
Trump predicted that oil prices might rise but insisted they would “fall very quickly.” He also stated, “What we are doing is not just great for our country, Israel, and the Middle East, but for the entire world.” He noted that the United States has “enormous amounts of oil” that have not yet been used and assessed, “There is a lot of oil out there. This will improve very quickly.”
The escalating military tensions following U.S. and Israeli attacks on Iran have affected not only security balances in the Persian Gulf but also cruise tourism and transportation sectors. The closure of airport airspace, disruptions at ports, and security risks in the Strait of Hormuz have transformed into a direct impact on international travel and maritime tourism.
Thousands of passengers aboard at least six cruise ships docked in Dubai, Abu Dhabi, and Doha have been unable to disembark, while the suspension of air traffic has rendered their return home uncertain. The prolonged anchoring of ships at ports has increased operational costs for companies, and canceled voyages and refunds have created financial burdens.
With the season nearing its end, the inability to reposition ships to European waters has raised the risk of cascading disruptions to Mediterranean and European cruise programs during the summer months. It has been noted that if military tensions persist, the Gulf region may suffer losses in tourism revenue, and economic activities centered on cruise tourism and air transport will face significant uncertainty.
American cruise tourism expert Stewart Chiron stated that the six cruise ships operating in the Persian Gulf headed to Abu Dhabi and Dubai seeking safe ports. Chiron noted that companies are working to ensure the safety of passengers and vessels and added, “Ships will depart from ports once it is deemed safe to return to sea. Future voyages in the region have been canceled.”
Chiron also indicated that the current season in the Gulf region has effectively ended and noted that cruise companies could reposition their vessels to other regions if deemed safe, adjusting their itineraries accordingly. Future season planning, he said, will depend on the evolution of the situation in the region.
On 9 March 2026, the Bangladeshi government decided to initiate the Ramadan holiday early at universities as part of conservation measures against an electricity and fuel crisis triggered by global developments.
According to a report in the Daily Star newspaper, Dhaka authorities have taken preventive steps in response to the possibility that geopolitical developments could trigger a global electricity and fuel crisis. Under a directive issued by the Ministry of Education, the Ramadan holiday began on 9 March at all public and private universities. The directive also requested universities to keep doors and windows open during daylight hours when natural light is sufficient, turn off all unnecessary lights and electrical appliances, and limit vehicle usage.
On 9 March 2026, Tamaki Yuiichiro, leader of Japan’s Democratic Party for the People (Kokumin), drew attention to the impact of the war in the Middle East on energy prices and called for the immediate full-capacity operation of all nuclear power plants in Japan.
Tamaki stated that the expanding conflict between the United States and Israel and Iran poses a serious threat to Japan’s energy supply. He noted that Japan meets approximately 95 percent of its oil needs and 11 percent of its liquefied natural gas (LNG) imports from the Middle East and emphasized that the effective closure of the Strait of Hormuz due to the conflict has increased risks.
In his statement, Tamaki said, “As tensions in Iran rise, we must fully utilize nuclear power plants as carbon-free energy sources to reduce dependence on foreign supplies; otherwise, rising electricity prices are inevitable. A policy change is necessary to protect the livelihoods of the people.”
On 9 March 2026, the UK-based automotive service organization Royal Automobile Club (RAC) urged drivers to use fuel more efficiently amid rising fuel prices following the disruption of oil trade in the Strait of Hormuz.
Due to escalating conflicts in the Middle East and threats to energy shipments through the Strait of Hormuz, the price per barrel of Brent crude oil has risen above $100. The disruption of shipments through the Strait of Hormuz, which handles approximately 20 percent of global oil supply, has impacted global fuel prices.
RAC Policy Director Simon Williams noted that average gasoline and diesel prices have risen rapidly in recent days and reported that gasoline prices have increased by approximately 4 percent since 28 February, and diesel prices by 6.3 percent. Williams advised drivers to continue purchasing fuel normally but to compare prices between stations. The statement noted that avoiding harsh acceleration and braking and maintaining proper tire pressure can contribute to fuel savings.
On 9 March 2026, during a Eurogroup meeting in Brussels, the economic impacts of the conflict in the Middle East and rapidly rising oil prices were discussed. European Commission Vice President for Economy Valdis Dombrovskis stated, “The focus of the Eurogroup meeting will be the economic impact of the conflict in the Middle East.” Dombrovskis noted that the economic impact depends on the duration and regional spread of the conflict.
Dombrovskis warned that prolonged disruptions to shipping through the Strait of Hormuz and continued attacks on Gulf energy infrastructure could trigger a stagflation shock in the global and European economies, resulting in higher energy prices, increased inflation, loss of confidence, supply chain disruptions, and tighter financing conditions.
Dombrovskis identified the primary channel of economic impact as disruptions to energy supply and rising prices, and noted that one of the key options under consideration is the release of oil reserves.
On the same day, Ali Laricani, Secretary of Iran’s Supreme National Security Council, addressed the disruptions in shipping through the Strait of Hormuz. Laricani stated that the conflict and shipping disruptions in the Strait of Hormuz stem from military activities conducted by the United States and Israel in the region. He said, “The security of the Strait of Hormuz cannot be ensured due to the war ignited by the United States and Israel. This is precisely the plan of those who have actively supported this war.”
Russian President Vladimir Putin, noting that the closure of the Strait of Hormuz could lead to a complete halt in regional oil production, stated that Russia is ready to resume energy cooperation with Europe.
Putin spoke at a meeting in Moscow with Russian government officials on recent developments in the energy sector. He pointed out that oil prices have risen by 30 percent in a week due to developments in the Middle East and said, “It is essential to understand that current high commodity prices are certainly temporary. This is very clear.” Putin emphasized that Russian companies must take advantage of the current high energy prices.
Putin noted that Europe had planned to completely halt imports of Russian natural gas and stated that Russia could have also suspended gas shipments to Europe. He drew attention to the closure of the Strait of Hormuz, saying, “Oil production dependent on this route could cease entirely next month.” Putin affirmed that Russia continues to supply energy to reliable partners and said, “If European companies decide to offer long-term, sustainable, politically independent cooperation, we are ready to work with Europeans.” However, Putin added that a signal from Europe is necessary for such cooperation.
U.S. President Donald Trump, in a phone interview with American CBS News, assessed the course of the war with Iran. Trump stated that he has largely achieved the objectives of the war with Iran and said, “I think the war is largely over. They have no navy, no communication systems, no air force.” He claimed that goals initially envisioned for Iran were achieved far sooner than the anticipated four to five weeks.
Regarding Iran’s new leader, Mucteba Hamaney, Trump said, “I have nothing to say to him. Nothing.” He indicated he is considering who might succeed Hamaney but provided no details.
Regarding the Strait of Hormuz, Trump said he considered taking control of the strait and warned Iran, “They have fired everything they had. They would be wise not to try to be cute, or else that country’s end will come.”
On the evening of 9 March, Pakistani Prime Minister Shehbaz Sharif announced a two-month period of conservation measures in response to the economic impact of the conflict between the United States, Israel, and Iran.
Sharif stated that over the next two months, fuel allowances for official vehicles will be reduced by 50 percent and 60 percent of government-owned vehicles will be taken out of service. Cabinet members will forgo their salaries for two months, and parliamentary salaries will be cut by 25 percent. Government department expenditures will be reduced by 20 percent, and official foreign travel by government officials will be banned except where essential to national interests.
Sharif announced that 50 percent of civil servants, excluding essential services, will work from home, government offices will be open four days a week, and all higher education institutions will begin online instruction. He confirmed that these directives have been sent to all provincial governments.
Sharif noted that global oil markets have responded sharply to the conflict, saying, “The international price of crude oil has suddenly risen from $60 to over $100. Daily life in Pakistan is heavily dependent on oil and gas supplies from the Gulf region.”
In a written statement issued in the early hours of 10 March by the Islamic Revolutionary Guard Corps, it was announced that Arab or European countries that have expelled Israeli and U.S. ambassadors from their territory may transit through the Strait of Hormuz. The statement included the assertion that “Any Arab or European country that has expelled Israeli and U.S. ambassadors from its territory will have full authority and freedom to transit through the Strait of Hormuz.”
At the same time, Trump, at a press conference in Miami, said regarding rising energy prices, “We are also lifting some sanctions on oil to bring prices down.” Regarding maritime traffic in the Strait of Hormuz, Trump said, “We are focused on continuing the flow of energy and oil to the world, and I will not allow a terrorist regime to hold the world hostage and try to stop global oil supply. If Iran tries to do this, it will face a much harsher response.”
Trump argued that in the long term, oil supply will become safer without Iranian ships, UAVs, missiles, or nuclear threats, and affirmed that the Strait of Hormuz will remain open. He noted that the disruption of shipping through the strait affects other countries, including China.
Trump stated that the United States has more oil and gas reserves than it needs, noting that 100 million barrels of oil have already been extracted from Venezuela and another 100 million barrels are expected to follow. Trump said, “We will lift sanctions until the Strait opens. Then, who knows, perhaps we won’t need to impose sanctions at all.” He noted that oil prices have risen less than expected. When asked about the sanctions to be lifted, Trump emphasized that they are trying to keep prices low and noted that prices have been artificially inflated. Trump said, “I knew prices would rise if I did this, and they did rise, but probably less than I expected. But I don’t think anyone anticipated we would succeed this quickly.”
Later that day, in a social media post, Trump said, “If Iran does anything to stop the flow of oil through the Strait of Hormuz, it will be hit 20 times harder than anything it has ever seen from the United States.”
Trump stated that if Iran takes such action, the United States will strike targets that are “easily destroyable,” arguing that this would make it nearly impossible for Iran to rebuild as a nation. Trump also stated that keeping the Strait of Hormuz open is an “American gift” to countries heavily reliant on it, especially China.
Islamic Revolutionary Guard Corps Spokesperson Ali Muhammad Naini responded to U.S. President Donald Trump’s statements that Iran’s military power has ended. In a statement broadcast on Iranian state television, Naini accused Trump of attempting to apply psychological pressure on Iran through lies and deception and said, “Iran is resisting the attacks of the United States and Israel with courage and strong will. We are continuing the war with all our strength, and Iran will determine the end of this war.”
Naini claimed that all U.S. military infrastructure in the region has been destroyed and added, “Iran’s armed forces are waiting for the U.S. navy and the USS Gerald Ford aircraft carrier in the Strait of Hormuz.” He also stated, “Trump started the war by lying to the American people. But now Iran’s responses have left him stunned and helpless.”
In a written statement by the Hatemul Enbiya Central Command, affiliated with the Islamic Revolutionary Guard Corps, following Trump’s remarks, it was declared that “There is no ceasefire, and we are increasing the scale of our attacks.”
On 10 March 2026, Iranian Foreign Minister Abbas Araghchi, in an interview with the American PBS program News Hour, assessed the possibility of renewed negotiations with the United States. Regarding the possibility of renewed talks with Americans following U.S. and Israeli attacks on Iran, Araghchi said, “I do not believe the issue of negotiating with Americans is even on the table, because we have had a very painful experience with them.”
Araghchi noted that during contacts between Tehran and Washington officials in February, Americans claimed they had no intention to attack, yet the United States still attacked Iran. When asked about the new Iranian leader, Mucteba Hamaney, and whether he has commented on possible new negotiations with the United States, Araghchi replied, “It is still too early.”
Regarding oil transportation, Araghchi stated that the slowdown was not Iran’s plan and said, “The slowdown or halt in oil transportation is not our doing; it is due to the attacks and aggression by Israelis and Americans against us. They have made the entire region insecure.” He emphasized that Iran has not closed the Strait of Hormuz, saying, “We have not closed the strait. We are not preventing them from passing through.”
Araghchi characterized U.S. and Israeli attacks as “fully illegal acts of aggression,” affirmed that Iran is acting solely in self-defense, and noted that it had previously warned that U.S. bases in the region would be targeted if the United States launched attacks.
On the same date, the Egyptian Ministry of Petroleum and Mineral Resources announced price increases on oil products and natural gas due to developments in the Middle East. The statement indicated that price increases of 14 to 17 percent were applied to gasoline and diesel, 30 percent to LPG, and 22 percent to gas used in cooking cylinders. The decision was attributed to the direct impact of the security situation in the Middle East on global energy markets and significant increases in import and domestic production costs.
Attention was drawn to a “unprecedented surge” in global crude oil and oil product prices due to supply chain disruptions, increased risk levels, and rising transportation and insurance costs.
On 10 March, the Vietnamese Ministry of Industry and Trade called for conservation measures in response to pressure on fuel supplies due to tensions in the Middle East. The ministry warned that fuel shortages could occur in some areas and advised citizens to use fuel efficiently, reduce travel, prefer public transportation, and consider working from home where possible. Businesses were also urged to adopt remote work practices.
The statement noted that neighboring countries are implementing similar conservation measures and emphasized that the public and businesses must avoid panic and refrain from stockpiling.
The Thai government decided to implement conservation measures in public institutions due to pressure on fuel supplies from tensions in the Middle East. According to the Bangkok Post, remote work directives were issued to staff in government institutions, excluding those responsible for essential public services. It was also announced that international conferences and official trips should be suspended.
The Ministry of Energy recommended that public and private sector employees turn off unnecessary electrical appliances, reduce elevator and photocopier usage, and encourage virtual meetings.
On 10 March, it was reported that Iran has granted permission for Bangladeshi oil and liquefied natural gas (LNG) tankers to transit safely through the Strait of Hormuz. According to The Business Standard, following threats to maritime traffic in the Strait of Hormuz due to conflict in the Middle East, Dhaka authorities requested assurances from Iran regarding the safe passage of Bangladeshi-flagged tankers. Iran agreed to allow safe passage for Bangladeshi oil and LNG tankers provided that authorities are notified prior to entry.
This development followed energy cooperation and maritime transport discussions between Bangladeshi and Iranian officials in Dhaka. Officials from the Energy and Mineral Resources Unit under Bangladesh’s Ministry of Power, Energy, and Mineral Resources confirmed the development.
It was also reported that India and China have expressed readiness to support Bangladesh’s fuel supply. Bangladeshi Finance Minister Amir Khasru Mahmud Chowdhury said, “We have contacted several countries, not just India and China, to secure fuel supply and maintain communication. There is no reason for a fuel crisis.” Chinese Ambassador to Dhaka Yao Wen stated that China is willing to work with Bangladesh to resolve energy supply issues and provide fuel support.
Iran’s Supreme National Security Council Secretary Ali Laricani issued a statement regarding the Strait of Hormuz, which has been closed to U.S.-linked vessels. In a social media post, Laricani said, “The Strait of Hormuz will either be a strait of peace and prosperity for all or a strait of defeat and suffering for those who incite war.”
On the same day, U.S. Defense Secretary Pete Hegseth and U.S. Chairman of the Joint Chiefs of Staff General Dan Caine held a joint press conference. General Caine stated that the United States has three primary military objectives and affirmed that Iran’s ballistic missiles and unmanned aerial vehicles will continue to be destroyed to prevent attacks on the United States and other countries in the region.
Caine indicated that command and control centers will be targeted and said, “We continue targeting the Iranian Navy to ensure continued passage through the Strait of Hormuz.” Caine revealed that U.S. Central Command (CENTCOM) has struck over 5,000 targets so far and noted that single-direction UAV factories have also been targeted.
On 10 March, White House Press Secretary Karoline Leavitt, when asked when U.S. operations against Iran would end, said, “The operations will end when the President determines that military objectives have been fully achieved and that Iran has reached a point of unconditional surrender, whether they say so or not.” She noted that this is ahead of the previously stated four to six-week timeline.
Leavitt stated that escorting ships through the Strait of Hormuz is on the table and added, “The U.S. Navy has not yet escorted any tanker or vessel through the strait, but this is an option. The President has clearly stated he will use this option if necessary.” She also said, “The President and the energy team are closely monitoring markets, and the U.S. military is preparing additional options to keep the Strait of Hormuz open, as directed by the President.”
It was stated that a harsher response would follow if Iran attempts to halt oil flows in the Strait of Hormuz, and Tehran was warned accordingly. It was also reported that the Pentagon is investigating an incident in Iran involving a U.S.-claimed Tomahawk missile striking a school. Leavitt said, “The President said he will accept the Pentagon’s findings on this incident, whatever they may be.”
Regarding the possibility of sending U.S. troops to Iran, Leavitt said, “The President is not ignoring the possibility of sending troops there.” On the new Iranian leadership, she said, “President Trump does not believe the new Ayatollah can live in peace and has stated in several remarks that he believes the United States should play a role in selecting Iran’s new leader.”
During the press briefing, questions were raised about reports that approximately 150 U.S. servicemembers had been wounded in the conflict with Iran. Leavitt could not confirm the exact number but acknowledged that the figure is in this range.
On 10 March 2026, U.S. President Donald Trump stated that if Iran lays mines in the Strait of Hormuz, it would have “military consequences.” In a social media post, Trump said, “If Iran has laid any mines in the Strait of Hormuz and we have no report of it, we demand their immediate removal.”
In the same post, he added, “If mines have been laid for any reason and are not removed immediately, the military consequences for Iran will be at an unprecedented level. On the other hand, if they remove any mines that may have been placed, it will be a major step in the right direction.”
In another statement on the issue, Trump said that some mine-laying vessels in the Strait of Hormuz had been struck and added, “I am pleased to report that we have completely destroyed 10 inactive mine-laying vessels and ships in the last few hours and will destroy more.”
According to a CNN report based on two sources with access to intelligence reports, Iran has reportedly begun laying mines in the Strait of Hormuz. The report claimed that “several dozen mines” had been placed in recent days and noted that Iran has the capacity to lay hundreds of mines.
According to a statement issued on 11 March 2026 by the United Kingdom Maritime Trade Organisation (UKMTO), an unknown object struck a cargo vessel located 25 nautical miles northwest of Ras al-Khaimah in the United Arab Emirates, causing a fire on board.
The ship’s captain reportedly stated that the vessel had sustained damage from an unknown object but that there were no casualties or injuries among the crew. The extent of the damage to the container ship is being assessed.
On the same day, the United States Central Command (CENTCOM) claimed that 16 mine-laying vessels belonging to Iran had been destroyed near the Strait of Hormuz.
CENTCOM's video claiming destruction of Iranian mine-laying vessels near the Strait of Hormuz, 11 March 2026 - (ABC7)
In a social media post by the US-based company X, CENTCOM stated that the United States had targeted numerous Iranian warships near the Strait of Hormuz one day earlier.
UK Chancellor Rachel Reeves announced that the United Kingdom is prepared to release its strategic oil reserves as part of international efforts to curb rising crude oil prices.
Responding to questions from members of parliament in the Treasury Committee, Reeves stated clearly that the UK is ready to use its strategic reserves to exert downward pressure on oil prices and ensure strong supply.
Reeves warned that tensions in the Middle East could impact the UK economy but said it was still too early to measure the scale of these effects. She noted that the UK has been less exposed to fluctuations in international energy prices compared to the period at the start of the Russia-Ukraine war because “we have invested more in domestic and renewable energy sources that are unaffected by these price swings. In the coming years, as more renewable energy sources come online and we build infrastructure to better integrate them into the grid, we will be even less affected by these fluctuations.”
On the same day, the Royal Thai Navy announced that a Thai-flagged bulk carrier had been targeted by a missile attack near the Strait of Hormuz.
According to the Bangkok Post, the vessel, which had departed from a port in the United Arab Emirates bound for India, was hit by two missiles after passing through the Strait of Hormuz. It was reported that explosions occurred in the aft section and engine room of the ship.
Of the 23 Thai crew members on board, 20 reached a port in Oman using lifeboats, while no contact has been established with the remaining three. Units of the Omani Navy are reported to be conducting operations to reach the three missing individuals. The Royal Thai Navy stated it is maintaining necessary cooperation to ensure the safe return of all crew members to Thailand.
On 11 March, Japanese Prime Minister Takaichi Sanae announced that Japan would begin releasing its oil reserves due to concerns that tensions in the Middle East could trigger sharp increases in oil prices.
According to Kyodo News, Takaichi told journalists that oil reserves could be released as early as 16 March 2026 to counter potential price hikes in gasoline and other petroleum products.
Takaichi stated that the first phase would involve releasing 15 days’ worth of oil reserves held by the private sector, followed by the activation of 30 days’ worth of reserves under government control. He confirmed that this decision would be implemented without waiting for coordination with the International Energy Agency (IEA).
On the same day, it was reported that a container ship owned by Japan-based Mitsui O.S.K. Lines (MOL) had sustained damage in the Persian Gulf. According to MOL’s statement, damage was detected on the aft section of the container ship “One Majesty,” which was anchored approximately 97 kilometers from the Strait of Hormuz. No injuries were reported among the crew, and there was no flooding, fire, or oil leak on board. Investigations are underway in coordination with relevant parties to determine the cause of the damage.
NHK reported that the damage was not severe enough to cause the vessel to capsize and that the ship retained its navigational capability. A spokesperson from Japan’s Ministry of Foreign Affairs stated, “It does not appear to be an attack. There is some damage, but the crew is safe and the ship’s voyage has not been disrupted.”
Chief Cabinet Secretary Minoru Kihara stated that the current situation in the Strait of Hormuz does not constitute a life-threatening condition, but that the Tokyo government is monitoring developments with “serious concern.”
The South Korean government announced that it is “closely involved” in discussions led by the International Energy Agency (IEA) regarding a coordinated release of oil reserves to lower rising oil prices.
According to Yonhap News, the Seoul administration made the statement amid reports that the IEA is considering the largest oil reserve release in its history to counter rising prices.
Officials from South Korea’s Ministry of Trade, Industry and Energy confirmed the country’s participation in the talks and stated, “We have not yet decided how much oil from our reserves will be released under the IEA’s decision.” According to the Wall Street Journal, based on its sources, IEA member countries are expected to meet on the same day to reach a decision on the proposal.
Russia’s Special Representative for International Economic Cooperation, Kiril Dmitriyev, stated that developments in the Middle East have triggered a fertilizer crisis and declared, “A food security crisis is next.”
As head of the Russian Direct Investment Fund, Dmitriyev cited a post on the US-based social media platform X highlighting the strategic importance of the Strait of Hormuz for global fertilizer trade. He added, “As predicted a week ago, a fertilizer crisis has now emerged. A food security crisis will follow.”
Dmitriyev also claimed that Europe is facing its largest energy crisis in history due to what he described as strategic errors and attitudes by European Commission President Ursula von der Leyen in the energy sector.
Iranian Islamic Revolutionary Guard Corps announced that two vessels linked to the United States and Israel were targeted by missiles while attempting to transit the Strait of Hormuz. The IRGC statement reiterated that the Strait of Hormuz is “closed to the passage of the United States and its allies.”
The statement read: “This morning, the Express Rome, a vessel flying the Liberian flag and linked to the Zionist regime, was struck by Iranian missiles after ignoring warnings from our navy and insisting on illegally transiting the Strait of Hormuz. The container ship Mayuree Naree was also struck several hours ago by Iranian fighters.”
The statement further affirmed that the Strait of Hormuz is under Iranian control and declared, “The Americans and their allies have no right to pass through here.”
The Greek government announced that it will implement price caps on profit margins for oil and food products to counter rising prices following attacks by the United States and Israel on Iran. Prime Minister Kyriakos Mitsotakis, in a statement ahead of his monthly meeting with President Konstantinos Tasoulas, emphasized that developments in the Middle East have significant economic consequences for Greece as well as geopolitical ones. Mitsotakis announced the implementation of price caps on profit margins for oil and supermarket products.
Mitsotakis acknowledged that price increases cannot be entirely prevented, saying, “We are sending a message that this economic turmoil must not be exploited by profiteers.” Deputy Prime Minister Kostis Hatzidakis, at a special press briefing, stated that the economic consequences of the situation in the Strait of Hormuz and the Middle East will be assessed jointly with other European Union countries and decisions will be made accordingly. Hatzidakis confirmed that Greece currently faces no shortage in oil supply and added, “We will use all tools at our disposal to combat profiteering.”
Minister of Environment and Energy Stavros Papastavrou announced that a price cap on oil profit margins will be in effect until 30 June 2026. Wholesale profit will be capped at 5 cents per liter, and retail prices at filling stations will be capped at 12 cents per liter. Minister of Development and Investments Takis Theodorakis confirmed that the profit margin cap will also apply to food products and stated that violators may face fines of up to five million euros.
On 11 March 2026, member countries of the International Energy Agency (IEA) reached unanimous agreement to release 400 million barrels of strategic oil reserves, the largest volume in the agency’s history.
IEA Director Fatih Birol, speaking at the agency’s headquarters in Paris, stated that tensions in the Middle East have had major impacts on global oil and gas markets. Birol noted that approximately 15 million barrels of crude oil and 5 million barrels of petroleum products are transported daily through the Strait of Hormuz, accounting for 25 percent of global seaborne oil trade.
Birol reported that transit of oil, gas, and other commodities through the Strait of Hormuz has nearly ceased. Due to insufficient alternative routes and full storage capacities, producers in the Middle East have begun reducing output. He also noted damage to energy infrastructure, particularly affecting jet fuel and diesel supplies.
Birol added that difficulties are also being experienced in gas markets, particularly due to limited alternatives to liquefied natural gas (LNG) shipments from Qatar and the United Arab Emirates. He stated that global energy supply has decreased by approximately 20 percent and that Asia is being affected the most by the current situation.
In his statement, Birol said, “IEA countries will release 400 million barrels of oil to compensate for the supply lost due to the de facto closure of the Strait of Hormuz. This is a critical measure aimed at mitigating the immediate disruptions in the markets. However, I must be clear: the most important development needed to restore stability to oil and gas flows is the resumption of transit through the Strait of Hormuz.”
United States Central Command (CENTCOM) issued a warning to civilians to avoid ports along the Strait of Hormuz that are used by Iran. CENTCOM claimed that Iran is using civilian ports for military operations, putting civilian lives at risk.
The statement indicated that civilian ports used for military purposes lose their protected status under international law and become legitimate military targets. Iran’s civilians were urged to immediately vacate all port facilities where the Iranian Navy operates.
CENTCOM stated, “While the US military cannot guarantee the safety of civilians inside or near facilities used by the Iranian regime for military purposes, American forces will continue to take every possible measure to minimize harm to civilians.”
French President Emmanuel Macron stated that the conflict in the Middle East, initiated by US and Israeli attacks on Iran, is producing global economic consequences, saying, “We are all facing the same global economic outcomes.”
French President Emmanuel Macron - (Anadolu Ajansı)
Macron spoke at the opening of a video conference attended by G7 leaders to address the economic consequences of the conflict in the Middle East. He noted that the operation targeting Iran’s nuclear and ballistic programs had entered its 11th day.
Macron outlined three main topics for the conference: first, an assessment of the latest developments on the ground and ongoing attacks; second, coordination to restore freedom of navigation in the Strait of Hormuz, the Red Sea, and the Bab el-Mandeb Strait; and third, discussion of economic cooperation.
On 11 March 2026, the Spokesperson of the Iranian Armed Forces General Staff, Brigadier General Ebrahim Shikari, issued a statement regarding potential threats to Iranian ports. According to Iranian media, Shikari, appearing on a television program, responded to CENTCOM’s call for civilians to immediately evacuate facilities allegedly used for military operations.
Shikari emphasized that the Iranian Revolutionary Guard Corps is fully deployed in the field and affirmed Iran’s control over the Persian Gulf. He stated, “If even the smallest threat is posed against our ports, no port or pier in the Fars (Persian) Gulf will be safe, and all ports and economic areas in the region will become legitimate targets.” Shikari also urged regional countries not to allow their territories to be used by the United States for attacks.
On 11 March, leaders of European Union (EU) institutions stated that the existing sanctions regime against the Russian Federation must be maintained and that the price cap on Russian oil must not be lifted. EU Commission President Ursula von der Leyen and EU Council President Antonio Costa issued a joint statement on social media following the video conference with G7 leaders on the economic consequences of the conflict in the Middle East.
EU Commission President Ursula von der Leyen - (Anadolu Ajansı)
The statement noted that consultations have been held with G7 partners to develop a coordinated response to developments in Iran and the Middle East, adding, “We are focused on minimizing the impact on security and global energy markets.”
The statement emphasized that maintaining energy flows is a priority and highlighted the importance of ensuring continued transit through the Strait of Hormuz, which is critical to the global economy.
The statement underscored that sanctions against Russia must not be eased, stating, “The oil price cap helps stabilize markets and limits Russia’s revenues. Now is not the time to relax sanctions on Russia.”
The statement also noted agreement on the need for close cooperation with regional partners to prevent escalation of the conflict and restore stability, and welcomed the IEA’s decision to release 400 million barrels of emergency oil reserves.
Minister of Transport and Infrastructure Abdulkadir Uraloğlu responded to journalists’ questions ahead of an AK Party parliamentary group meeting in the Grand National Assembly of Türkiye (TBMM). Minister Uraloğlu stated that 15 vessels owned by Turkish entities are currently in the Strait of Hormuz, but clarified that they are not flying the Turkish flag. He confirmed that communication is ongoing with the crews on board. Uraloğlu said, “There are 15 Turkish-owned vessels in the Strait of Hormuz. They are not Turkish-flagged. We are in contact with all their personnel. They are currently waiting. They are only experiencing the hardship of being stranded; there are no issues with their needs being met.”
Uraloğlu noted that the situation in the Strait is being closely monitored and stated that once transit returns to normal, the vessels will be allowed to depart. He also confirmed that no attacks have occurred against these vessels.
In response to a question about the status of flights to Iraq, Syria, Lebanon, and Jordan due to security risks in the Middle East, Uraloğlu stated that there is a serious risk to air traffic and that risk management is ongoing. He explained that additional flights have been arranged to transport Turkish and foreign nationals to Istanbul via land routes through Oman and Saudi Arabia, and that agreements have been reached with the relevant countries.
Uraloğlu confirmed that there are no issues with land transport to Iran, Syria, and Iraq. He added that the crews of two aircraft belonging to Pegasus and Turkish Airlines in Iran have been brought back to Türkiye, while the aircraft themselves may be retrieved depending on the course of the conflict.
On 11 March, Minister of Energy and Natural Resources Alparslan Bayraktar responded to journalists’ questions ahead of an AK Party parliamentary group meeting in the Grand National Assembly of Türkiye (TBMM). Assessing energy supply security following US and Israeli attacks on Iran, Bayraktar said, “We do not foresee any issues with fuel or natural gas at this time, but we are closely monitoring developments.”
Minister of Energy and Natural Resources Alparslan Bayraktar - (Anadolu Ajansı)
In response to a journalist’s question about whether concern over natural gas is warranted, Bayraktar replied, “Do not worry about natural gas.” He emphasized that there is no problem with supply security.
Regarding the rise in Brent crude oil prices, Bayraktar noted that global concerns over supply disruptions and actual supply cuts have driven prices higher. He stated that oil prices have slightly eased due to expectations that the war will end and supply will return to normal. When asked whether new measures would be taken to address rising fuel prices, Bayraktar confirmed that he is working closely with the Ministry of Treasury and Finance. He noted that previously, a Brent crude price of around $60 per barrel had been forecast for the remainder of the year, but acknowledged that the current war environment is influencing the situation.
In response to a question about the closure of the Strait of Hormuz, Bayraktar stated that Türkiye’s primary oil imports come from routes outside the Strait, saying, “Our main imports are from routes outside the Strait of Hormuz, so at this time we see no risk from our perspective.”
Following attacks launched by the United States and Israel against Türkiye on February 28, 2026, tensions in the region escalated. Iranian media claimed that the Strait of Hormuz had been effectively closed, and on March 2, the Islamic Revolutionary Guard Corps announced that passage through the strait had been halted. With rising security risks, the transit of oil tankers came to a standstill, and hundreds of ships began waiting on either side of the strait. Shipping companies suspended their voyages, and insurance providers canceled war risk coverage.
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March 5, 2026
Strategic and Economic Importance of the Strait of Hormuz
March 5, 2026
Onset of the Crisis (28 February 2026)
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Initial Responses by Shipping Companies
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Developments on 1 March 2026
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Developments on 2 March 2026
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Islamic Revolutionary Guard Corps Closes the Strait of Hormuz
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Suspension of Maritime Traffic in the Gulf
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European Gas Prices Surge Over 100 Percent
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U.S. President Donald Trump’s Announcement on Escorting Tankers
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Ten Oil Tankers Attacked in the Strait of Hormuz
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Statement by the Islamic Revolutionary Guard Corps
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Developments as of 6 March 2026
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Developments as of 6 March 2026
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Developments as of 7 March 2026
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Developments as of 9 March 2026
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Developments on 11 March 2026