Commercial shipping in the Persian Gulf is approaching a standstill, triggering a sharp repricing of energy risk across global markets.
The New York Times reports that vessels are increasingly avoiding the corridor as tensions escalate, effectively narrowing the window for safe transit through one of the world's most critical energy chokepoints.
Brent crude climbed to its highest level in a month on Tuesday, driven by fresh reports of a renewed naval blockade targeting vessels bound for Iranian ports.
The escalation in maritime restrictions has reignited supply concerns, pushing benchmark prices higher as traders price in the probability of sustained disruption.
The move reflects a rapid shift in sentiment from cautious optimism to acute risk aversion.
The shipping squeeze comes as diplomatic efforts have collapsed.