Strait of Hormuz Transit Volume Plummets 95%: Energy Transportation "Lifeline" Blocked, Global Oil and Gas Flow Forced to Restructure

Mars Finance News, March 24 — According to multiple sources cited by Xinhua News Agency, amid the ongoing escalation of the US-Israel-Iran conflict, shipping through the Strait of Hormuz has been severely impacted. Market service organizations report that since March, the number of commercial ships passing through the strait has plummeted by approximately 95% compared to before the conflict, causing significant disruptions to the global energy transportation system.

Specifically, from March 1 to March 23, the total number of ships transiting the strait was only 144, far below the average of about 138 ships per day before the conflict. Of these, 91 ships were transporting oil and natural gas, most of which chose to divert eastward toward Asian markets. Meanwhile, some liquefied natural gas (LNG) carriers originally headed to Europe have rerouted to Asia, where spot prices are higher, reflecting a rapid adjustment in supply and demand structures.

The shipping routes have also changed. Currently, most ships passing through the strait are concentrated on a northern route north of Larak Island, Iran, which is considered an “安全走廊” (safe corridor) designated by Iran and monitored visually by relevant forces. British shipping media also confirmed that over 20 ships have chosen this route.

From a supply perspective, JPMorgan Chase analysis indicates that in the current observable oil transportation, Iranian crude accounts for up to 98%, with a transportation volume of about 1.3 million barrels per day in early March, showing that regional energy flows are highly concentrated from specific sources.

As one of the world’s most critical energy transit channels, the Strait of Hormuz handles about a quarter of global seaborne oil trade and roughly one-fifth of liquefied natural gas transportation. According to the U.S. Energy Information Administration, in 2024, the volume of oil transported through the strait is expected to be around 20 million barrels per day. Under the current navigation disruptions, the stability of the global oil and gas supply chain and price volatility risks have significantly increased.