LONDON: The Strait of Hormuz has emerged as the central battleground of the Iran conflict. The passage of a handful of oil and gas tankers in recent days, apparently with Tehran's consent, hints at tacit acceptance of its control. This foreshadows a more dangerous phase in what is fast turning into a Hormuz war. Tehran's near-complete closure of the vital trade artery since the joint Israeli-U.S. airstrikes on February 28 and the reciprocal U.S. naval blockade imposed last month have sent shockwaves through global energy markets. Countries, particularly in Asia, have struggled with the sudden loss of more than 13% of global oil supply and roughly a fifth of liquefied natural gas flows.
Thus, many welcomed the news that three very large crude carriers (VLCCs), each hauling around 2 million barrels of Iraqi oil headed for Asia, slipped through last week with their tracking systems switched off, according to Kpler shipping data, with some indications the transits were coordinated with Tehran. Qatar also shipped its first two LNG cargoes since the war began. The LNG is being sold to Pakistan - the primary mediator in U.S.-Iran negotiations - under a government-to-government deal, according to sources familiar with the matter.They said Iran had approved the shipment to help build confidence with Qatar and Pakistan. There are also signs that other vessels, including oil tankers, have transited the strait in recent weeks with their transponders switched off. It remains unclear whether those passages were sanctioned by Iran or whether shipowners paid informal tolls to secure safe passage. Several, however, appeared to have travelled along shipping lanes close to Iran's coastline.
