Military conflict in the region has snarled navigation through the Strait of Hormuz, driving up global energy costs and shipping expenses as of November 2, 2026

Since February 28, 2026, the crisis has escalated from military confrontation into a sustained disruption of one of the world's most critical energy shipping routes. Restricted traffic, higher insurance costs, and mounting pressure on oil and LNG flows had turned the standoff into a broader global shipping and market shock. Iran said it attacked two U.S. vessels and eight tankers near the Strait of Hormuz, describing the action as retaliation for U.S. strikes on Iranian shipping. Washington denied that American warships had been hit. The competing attacks have further reduced commercial traffic through the strait and increased the risks faced by neutral vessels and their crews.