Two dead – Saudi Arabia directly accuses Iran

State-owned Saudi shipping operator Bahri confirmed on Wednesday that two Filipino crew members were killed in the attack on the tanker Sidr on Monday. Saudi Arabia's foreign ministry then issued a formal accusation against Iran, condemning the attack as a threat to "the safety and security of maritime navigation and global energy supply," according to OilPrice.com.

Iran, for its part, has responded with a fresh wave of missile and drone strikes targeting American military bases in the region, further deepening an already entrenched standoff between Tehran and Washington.

Shipping traffic through one of the world's most critical energy corridors has now been reduced to a historic low – only four vessels dare to sail.
Hormuz collapses: Only four ships dare to sail – oil above $90 - Bilde 1

Strait of Hormuz near paralysis

The number of ships willing to transit the Strait of Hormuz has fallen dramatically. Where dozens of tankers would normally pass through daily, traffic has now shrunk to just four vessels – a level that illustrates the acute risk that shipowners and insurers now consider unacceptable.

Hormuz collapses: Only four ships dare to sail – oil above $90 - Bilde 2

Oil prices surge sharply

The escalation has sent oil prices markedly higher. According to market data reported by OilPrice.com, Brent crude has climbed above $90 per barrel in the wake of the latest American airstrikes against Iranian targets near the strait. Some reports suggest the price is approaching $95.

This is not the first time Hormuz has triggered sharp price spikes in 2026. During an earlier crisis period from February to March, Brent surged by as much as 46 percent, reaching $126 per barrel – the largest monthly increase in several years.

$90+
Brent crude per barrel
4
Ships in transit through Hormuz

Consequences for financial markets and commodities

The Hormuz crisis is not only hitting energy markets. Geopolitical risk of this magnitude creates ripple effects across asset classes. Research data shows that Bitcoin's price fell below $77,000 in the wake of the latest airstrikes, triggering liquidations of long crypto positions worth an estimated $115 million within a single hour.

At the same time, oil is a direct input in virtually all global production and transportation. Persistently high energy prices will increase inflationary pressure and potentially force central banks – including the Federal Reserve – to maintain elevated interest rates for longer than markets have so far priced in. This generally dampens appetite for risk assets.

A prolonged closure of the Strait of Hormuz would represent the most severe disruption to global energy supply in several decades.

What happens next?

The immediate diplomatic situation appears deadlocked. Iran shows no signs of pulling back its operations, while the United States and Saudi Arabia have made clear that the attacks will not go without consequences. Insurance premiums for transit through the Strait of Hormuz have exploded, according to industry sources – a development that will itself push up freight rates and ultimately consumer prices globally.

Oil analysts warn that if the conflict escalates further, prices could approach the levels seen during the March crisis. For Norwegian stakeholders, this is highly relevant: Equinor and other producers on the Norwegian continental shelf stand to benefit from higher oil prices in the short term, but Norwegian export industries and the broader global economy face significant risk from a prolonged crisis.

Markets are now monitoring every move in the region closely – and with shipping traffic through one of the world's most critical energy corridors down to just four vessels, the margin for further escalation is frighteningly thin.