Asian oil shipments stall as Strait of Hormuz tensions escalate

ISTANBUL

Asian countries are beginning to feel the economic impact of escalating US, Israeli and Iranian airstrikes as oil tankers remain stranded near the Strait of Hormuz, one of the world’s most critical energy corridors.

Several shipping operators have suspended transit through the strait amid soaring insurance costs and growing security concerns.
China on Monday described the waterway as “an important international trade route” and urged an immediate halt to military operations.

Responding to a question from an Anadolu correspondent, Foreign Ministry spokeswoman Mao Ning said stability in the strait and surrounding waters was vital to global trade and called for steps to prevent further escalation.

Iranian media reported Saturday that the Strait of Hormuz had been “effectively” closed following the US-Israel attacks, though no formal blockade has been announced.

More than 40 Japan-linked vessels, including oil tankers, are currently stranded in the Persian Gulf, Kyodo News reported. At least three ships have halted attempts to transit the strait.

Japan imports about 95% of its crude oil from the Middle East, most of which passes through the narrow waterway.

Japanese Foreign Minister Toshimitsu Motegi on Monday asked Iranian Ambassador to Tokyo Peiman Seadat to help ensure the safety of the Strait of Hormuz.

According to a statement from Japan’s Foreign Ministry, Motegi said Tokyo will “continue to make all necessary diplomatic efforts to bring about an early settlement of the situation.”

Malaysia has advised its vessels to avoid the strait until further notice, Bernama News reported. The Marine Department of Malaysia urged operators to closely monitor international security advisories and maintain heightened operational readiness.

Pakistan is also exploring contingency plans. Officials told the local daily The News that Islamabad may seek inclusion on Saudi Arabia’s preferred crude supply list for shipments routed via the Red Sea if disruptions continue beyond 10 to 12 days.

Two crude oil tankers operated by the state-run Pakistan National Shipping Corporation remain stranded near the strait. A third vessel that began loading as hostilities escalated is unlikely to depart soon.

The Strait of Hormuz handles roughly one-fifth of the world’s traded oil and significant volumes of liquefied natural gas exports from Qatar and the United Arab Emirates. About 20% of global daily oil consumption — roughly 20 million barrels — passes through the corridor.

Shipping data showed March 1 transit volumes were down 86% compared with the 2026 average.

The United Kingdom Maritime Trade Operations reported multiple maritime incidents described as attacks on Sunday.

Only Saudi Arabia and the United Arab Emirates operate pipelines that bypass the strait, but their capacity accounts for only a fraction of the crude normally shipped through the route.