The Islamic Revolutionary Guard Corps announced control over shipping through the Strait of Hormuz on 2 March, following US-Israeli strikes on Iran that began on 28 February.
Since then, commercial traffic through the strait, the only sea passage out of the Persian Gulf into the Indian Ocean, has effectively ground to a halt.
Major marine insurers have cancelled war risk cover for vessels in the area, effectively making the route commercially unviable, while shipping giants Maersk and Hapag-Lloyd have suspended bookings altogether.
Bloomberg reported on Sunday that commercial activity in the strait has fallen by 85 percent compared with the same time last year.
Satellite imagery suggests around 150 ships, including seven tankers bound for South Korea, are now stranded, according to Reuters.
Far-reaching consequences
Analysts warn the economic fallout extends well beyond fuel prices.
Konrad Popławski of the Centre for Eastern Studies (OSW) told PAP that Poland's agricultural sector faces particular exposure – Qatar and Saudi Arabia are key suppliers of ammonia and urea, essential ingredients in nitrogen fertilisers.
Rising gas prices would compound the pressure on farmers.
There are also concerns about helium – a gas critical to semiconductor manufacturing – which is exported from Qatar to Asian producers.
If the blockade holds for four to five weeks, shortages of computer chips could follow, Popławski cautioned.
Marek Tarczyński, head of shipping firm Terramar, warns that vessels are already being rerouted around the Cape of Good Hope – a significantly longer and more expensive journey – driving up costs across sea, road and air freight alike.
The Gulf states, despite their wealth, import most consumer and industrial goods, meaning European exporters of food, clothing and technology could lose major markets if the blockade continues.
(ał)
Source: PAP