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Stocks were under pressure and oil climbed as Iran’s new supreme leader ordered the vital Strait of Hormuz shipping lane to remain closed.

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Iran says ships can pass Hormuz if they coordinate with navy Iran says commercial vessels can still transit the Strait of Hormuz provided they coordinate their passage with Iranian naval forces. Iran’s foreign ministry indicated that shipping through the strategic waterway remains possible if vessels notify and work with the country’s navy, according to remarks reported by Mehr News Agency.

Fertilizer prices soar as Strait of Hormuz tensions rise—forcing U.S. farmers to rethink spring planting  Fortune

Oil tanker 'armada' moves to Red Sea with closure of Strait of Hormuz MEE staff on Thu, 03/12/2026 - 14:57 Tankers still have to pass the Bab el-Mandeb Strait, where the Houthis have attacked ships in recent years Boats manoeuvre around a tanker during a military exercise in the Strait of Hormuz by members of Iran's Revolutionary Guard Corps, on 17 February 2026 (Sepah News/AFP) Off A massive flotilla of tankers is rushing to Saudi Arabia’s Red Sea coast to pick up crude oil that has been diverted as a result of Iran’s closure of the Strait of Hormuz. Between 24 and 30 large crude carriers are en route to the Saudi Arabian port city of Yanbu, where the East-West pipeline terminates, according to ship tracking data reported by Bloomberg and The Financial Times on Thursday.  With Iran having effectively closed the Strait of Hormuz, the 1,200km East-West pipeline is now the juggernaut for Gulf oil exports. The pipeline runs from the Abqaiq oil field on the kingdom's eastern Gulf coast to the port of Yanbu on the Red Sea. Saudi Aramco chief executive officer Amin Nasser said on Tuesday that the kingdom was ramping up crude flows through the pipeline. The International Energy Agency (IEA) said in a report published on Thursday that exports through the kingdom’s western ports had already hit 5.9 million barrels per day (bpd) on 9 March. That was a jump from just 1.7 million bpd in 2025. (adsbygoogle = window.adsbygoogle || []).push({}); Iran has shown that it is serious about closing the Strait of Hormuz, despite US President Donald Trump’s urging for vessels to go through the waterway, saying Iran’s navy had been “destroyed”. At least six vessels were attacked in the Gulf this week. Two fuel tankers in Iraqi waters were set ablaze on Wednesday, and four bulk carriers were also hit. “This is exactly what it was designed to do - bypass the strategic chokepoint of Hormuz if Iran shut it down and make Saudi Arabia the producer of last resort,” Jim Krane, a fellow and energy expert at Rice University’s Baker Institute for Public Policy in Houston, Texas, previously told Middle East Eye. 'This makes the Houthis important' The Red Sea route does not remove geopolitical risk. About 75 percent of Saudi Arabia’s crude is exported to Asian countries like China, India, Japan, and South Korea. That means vessels have to pass twice through the Bab el-Mandeb Strait - once to pick up Saudi crude, and again to bring it to Asian markets.  'Swinging into action:' The Saudi Arabian pipeline designed to bypass Hormuz Read More » "This makes the Houthis important,” Greg Priddy, a senior fellow for the Middle East at the Center for the National Interest, told MEE. The Houthis turned the Red Sea into a relative no-go zone for vessels after Israel’s war on Gaza broke out on 7 October 2023, following the Hamas-led attacks on southern Israel. The Trump administration entered office vowing to bring the Houthis to heel with air strikes, but was unable to do that and instead cut a truce.  The Houthis have so far sat out the war on Iran, but if they resume attacking vessels, Iran would effectively have Saudi exports in a vice grip. In sum, around 18 million bpd of oil and four million bpd of refined products cross the Strait of Hormuz. Another pipeline constructed by the UAE can also bypass Hormuz through the port of Fujairah. The IEA said the port loaded an average of 2.4 million bpd between 4 March and 9 March. Even with both pipelines operating at full capacity, this leaves a gap of around 12 million bpd, with countries like Bahrain, Kuwait and Iraq blocked from exporting via the Strait of Hormuz. War on Iran News Post Date Override 0 Update Date Mon, 05/04/2020 - 21:19 Update Date Override 0

Oil Shock’s Tentacles Grip World Economy: ‘This Really Is the Big One’  The New York Times

Fertilizer Stocks Jump With Shipments Stuck at the Strait of Hormuz  WSJ

Tête à tête - France 'not sending any vessels to the Strait of Hormuz', Defence Minister Vautrin says  France 24

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Oil price jumps despite deal to release record amount of reserves  BBC

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At least 19 commercial ships around the region had been damaged in the war as of Thursday

JPMorgan says go long energy stocks, short the market until Strait of Hormuz reopens  CNBC

The latest spike is the second time in a week that oil prices have climbed above $100 a barrel.

The latest spike is the second time in a week that oil prices have climbed above $100 a barrel.

Strait of Hormuz issue must be resolved through diplomacy, says German foreign minister  Reuters

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Tankers Hit in the Strait of Hormuz. Why It’s So Hard to Reopen, According to Military Experts  Barron's

How Iran war laid bare the world's reliance on Gulf oil and gas  BBC