Iran War Drives Bunker Fuel Above $800 a Ton, Slowing Ships 2% Worldwide
Updated
Updated · The Associated Press · May 12
Iran War Drives Bunker Fuel Above $800 a Ton, Slowing Ships 2% Worldwide
8 articles · Updated · The Associated Press · May 12
Singapore bunker fuel has jumped from about $500 to more than $800 per metric ton since the war began, as the Strait of Hormuz closure squeezes supplies for the world’s biggest refueling hub.
That shortage is already changing operations: bulk carriers and container ships have cut average speeds by about 2% globally, while operators revise schedules and weigh suspending voyages to save fuel.
340 million euros a day is the estimated cost of the Iran war to global shipping, and analysts say carriers absorbing the hit now will increasingly pass it through into freight rates and consumer prices.
Asia is taking the first blow because it depends heavily on Middle Eastern oil and handles more than half of global seaborne trade, raising the risk that bunker shortages spread through worldwide supply chains.
Alternative fuels are drawing renewed interest, with some owners ordering dual-fuel ships, but LNG and other greener options still lack enough infrastructure and scale to replace conventional bunker fuel quickly.
With fuel prices soaring, will this crisis finally make cleaner shipping fuels like methanol and LNG economically unstoppable?
Beyond Hormuz, which critical trade chokepoint is the next to threaten the global economy?
As Russia's 'shadow fleet' supplies Asia, is it a risky lifeline or the start of a new global energy order?
2026 Strait of Hormuz Closure: Immediate Shipping Impacts, Economic Fallout, and Long-Term Global Trade Shifts
Overview
The Iran war that began in late February 2026 led to the rapid militarization of the Strait of Hormuz, a key global shipping route. The Islamic Revolutionary Guard Corps quickly imposed new rules, forcing all vessels to use a specific passage between Larak and Hormuz islands. This mandatory rerouting, implemented by April 2026, caused immediate changes in maritime operations, as seen with ships like the Panama-flagged Peace Gulf. These swift actions disrupted global shipping, triggered higher fuel and shipping costs, and set off a chain reaction of economic and supply chain challenges that continued to unfold in the following months.