Iran shuts Strait of Hormuz indefinitely raising fresh fears of fuel price surge

IMO has condemned fresh attacks on commercial ships in the Strait of Hormuz, warning that thousands of seafarers remain at risk. (Photo: Majid Asgaripour/WANA/REUTERS via DW)

By Alfred Onyango
Sunday, July 12, 2026

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Commercial vessels advised to exercise caution in Strait of Hormuz amid security concerns

Bashir Mbuthia · 1 day ago

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The IRGC said it had struck a US base in Jordan, while the United Arab Emirates, Qatar, Kuwait and Bahrain all reported coming under Iranian missile and drone attacks.

The latest exchange came after three commercial tankers were attacked earlier in the week, prompting a series of retaliatory strikes that have intensified concerns over the safety of vessels using the waterway.

Iranian state media reported that the Strait was closed after Iranian forces fired a naval cruise missile at a vessel they claimed was travelling along an unauthorised route.

The Guards said the ship had ignored repeated instructions before being stopped by warning shots.

Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, wrote on X that the "era of one-sided deals is OVER," adding that previous warnings to Washington had gone unheeded.

Launching what it described as a third round of strikes this week, the US Central Command said Iranian forces had attacked the Cyprus-flagged MV GFS Galaxy, leaving the vessel with significant engine room damage and unable to continue its voyage.

Britain's Maritime Trade Operations said the crew abandoned the ship and escaped in a lifeboat.

The US military said its retaliatory operation struck 140 Iranian military targets, including missile and drone facilities, communications networks and coastal surveillance sites.

The Strait of Hormuz carries about 20 per cent of global oil and gas trade.

Reduced tanker movements and the risk of supply disruptions are expected to keep a geopolitical risk premium in crude markets.

The International Energy Agency (IEA) has also warned that prolonged tensions could delay the rebuilding of global oil inventories and disrupt the expected balance in energy markets, increasing the likelihood of sustained pressure on fuel prices worldwide.