Overview
- Iranian missile and drone barrages have struck regional infrastructure, with Saudi Aramco’s Ras Tanura partially shut after an interception-triggered fire and QatarEnergy suspending LNG output at Ras Laffan and Mesaieed.
- War‑risk insurance cancellations and surging premiums have effectively stopped most tanker transits through the Strait of Hormuz as major carriers suspend voyages, leaving hundreds of vessels stranded or delayed.
- Container line executives report roughly 750 ships caught in the Gulf backlog, including about 100 container vessels, accounting for roughly 10% of the global container fleet.
- Regional fallout is intensifying as Gulf governments raise readiness, the UAE reports casualties and closes its embassy in Tehran, and Qatar says it downed two Iranian fighter jets after its facilities were hit.
- Energy markets have spiked, with Brent crude topping $82 and wholesale gas prices in Europe and Asia jumping after the Qatar LNG halt, while OPEC+ approved a modest April output increase seen as insufficient to offset chokepoint risks.