Oil Shipments in Persian Gulf Already Disrupted by Iran Attack

Source: New York Times

Feb. 28, 2026 Updated 6:21 p.m. ET


The widening military conflict in the Persian Gulf quickly began to disrupt shipping in one of the world’s biggest oil-and-gas producing regions, threatening to send energy prices soaring. Oil markets were closed on Saturday when the United States and Israel launched attacks on Iran that spurred retaliatory strikes across the Middle East.

But shipping companies quickly began trying to steer clear of the region and the Strait of Hormuz, a narrow waterway on Iran’s southern border through which ships typically carry about one-fifth of the world’s oil and a significant amount of natural gas to market. Traffic through the strait fell considerably during the course of the day on Saturday, according to research firms that track tanker movements.

The Iranian military had cautioned ships to avoid the area, saying that “passage through the strait is currently unsafe,” according to Tasnim, a news outlet affiliated with the Islamic Revolutionary Guard Corps. But a U.S. official said there was no evidence Iran was attempting a military blockade of the strait.

Any sharp and prolonged reduction of tanker traffic through the strait, even a voluntary curtailment by shipping companies, could significantly cut the flow of oil from big producers, including Saudi Arabia, Iraq and Iran, and push up prices.

Read more: https://www.nytimes.com/2026/02/28/business/energy-environment/oil-gas-iran-attack.html