Shipping through the Strait of Hormuz has effectively ground to a halt, with only three commodity vessels crossing the chokepoint on Thursday.
The figure marks the lowest daily transit count since May, according to shipping data, as maritime operators respond to a sharp escalation in military strikes between the United States and Iran.
Most vessels in the vicinity have either halted operations or executed U-turns following recent Iranian attacks on shipping traffic.
The near-total freeze in traffic through the world’s most critical oil and gas route is driving up global energy prices and reigniting supply fears.
Brent crude and natural gas markets are repricing the risk of a prolonged disruption, with traders assessing the potential for a sustained bottleneck in global energy flows.
The development underscores the fragility of the interim peace framework that had briefly calmed markets earlier in the month.
This latest spike in violence follows a period of tentative de-escalation, with US-Iran talks in Doha stalling just days before the current flare-up.
The re-emergence of direct military action has erased the risk premium fade seen in late June, forcing insurers and shipping lines to reassess route viability.