At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
US President Donald Trump has indicated that the war with Iran could continue for up to four weeks, warning that further American casualties are likely as fighting intensifies across the region.
Iranian attacks have knocked out 17% of Qatar's liquefied natural gas (LNG) export capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies to Europe and Asia, QatarEnergy's CEO and state minister for energy affairs told Reuters.
Israel said on Tuesday it had killed Iran’s top security official Ali Larijani in an air strike, while Tehran signalled it was rejecting ceasefire overtures conveyed through intermediaries.
The repercussions of the joint military operation by the US and Israel against Iran and subsequent retaliatory action will see the further weaponisation of trade and shatter prospects of a large-scale return of container shipping to the Red Sea in 2026, said a leading logistics industry expert.
Israel and the United States have launched strikes on Iran on Saturday morning with explosions being reported in multiple Iranian cities including capital Tehran.
Germany's Hapag-Lloyd has announced plans to buy Israel's ZIM Integrated Shipping Services for $4.2 billion in cash in a move that will help the company secure its position as the world's fifth-largest shipping group with a modern fleet of over 400 vessels, said a Reuters report.
US President Donald Trump declared "peace in the Middle East" during his speech to a gathering of world leaders in Egypt to inaugurate his plan to end the war in Gaza.
Hamas has released all 20 of the living captives it had been holding in the Gaza Strip, while Israel has begun freeing about 2,000 Palestinian prisoners under the conditions of the ceasefire deal.
