3 articles · Updated · The New York Times · Jun 25
Summary
A drone strike by Iran hit a container ship transiting the Strait of Hormuz on Thursday, stopping traffic through the chokepoint and disrupting a nascent recovery in shipping.
Hours earlier, the Revolutionary Guards had warned vessels to use only Iran-controlled waters and coordinate with its navy, challenging ships that had been hugging the Omani coast.
Brent crude rose more than 2% to about $75 a barrel and WTI climbed above $72, while the attack undercut Trump's claim that Iran did not control the strait and that shipping had reopened.
The strike also led the International Maritime Organization to suspend plans to evacuate seafarers from hundreds of ships stranded in the Persian Gulf, as U.S.-Iran talks over the strait and Tehran's nuclear program remained uncertain.
Is Iran turning the world's busiest oil route into a private toll road enforced by military attacks?
Can a UN-backed 'safe' shipping lane survive when a nation is determined to make it a firing range?
Strait of Hormuz Crisis 2026: 60% Drop in Shipping, Oil at $120, and Global Fallout
Overview
As of June 2026, the Strait is facing a severe escalation of hostilities, causing major shipping lines to reroute vessels and sharply increasing both transit times and operational costs. Insurance premiums for ships have surged by 300% in just one month, while the number of vessels passing through the Strait has dropped by 60% compared to before the crisis. Over 15 commercial ships have been damaged or sunk in recent attacks. These disruptions have hit the energy sector hard, straining global supply chains and pushing Brent crude oil prices up to $120 a barrel, with widespread impacts on global markets.