Shipping firms halt Hormuz transit, insurers raise premiums; Bitcoin briefly drops to $63,000
Following airstrikes by the United States and Israel on Iran on the 28th, Iran blocked the Strait of Hormuz, a critical route for global maritime oil traffic. International oil prices are projected to surge sharply. If multiple global shipping companies avoid entry, prices could rise to $150 per barrel. Additionally, heightened risk aversion due to the war’s aftermath caused Bitcoin’s price to briefly drop to $63,000 before partial recovery.
◇”Global Tankers Halt or Wait at Hormuz Strait”
Bloomberg News reported in an article titled “Oil Tankers Avoiding Vital Hormuz Strait After US Bombs Iran” that numerous tankers are avoiding the Strait of Hormuz, which connects the Persian Gulf to open waters. Nippon Yusen, a major Japanese shipping firm, ordered its fleet to suspend passage through the strait, while Greek maritime authorities advised reevaluating transit for their vessels. According to Bloomberg’s vessel-tracking data, large tankers like the *Eagle Veracruz*, each carrying 2 million barrels of Iraqi and Saudi Arabian crude oil, have halted entry and are waiting in the outer Gulf of Oman.
The Financial Times noted that insurers are canceling existing contracts or sharply raising marine premiums for ships transiting the Middle East, signaling logistical disruptions.
◇”Prices Could Reach $120-150 if Blockade Persists”… Inflation Risks from Oil
The Strait of Hormuz handles roughly 20% of global maritime oil and liquefied natural gas (LNG) traffic. Bloomberg News assessed that U.S. strikes and Iran’s potential retaliation are exacerbating Gulf instability, posing risks of oil-driven inflation. Energy market volatility manifested in short-term price spikes. IG Group data showed West Texas Intermediate (WTI) crude briefly surging 12% to $75.33 per barrel during trading sessions post-strikes.
Market analysts, including energy tracker Kpler, warned that a prolonged blockade could push oil prices to $120-150 per barrel. While Saudi Arabia and the UAE have alternative pipelines, their capacity is insufficient to replace the strait’s full volume.
◇Bitcoin Plummets 3% After War Reports, Then Recovers
In the 24/7 virtual asset market, macroeconomic concerns triggered price declines. CoinMarketCap data revealed Bitcoin, trading near $65,000 before the airstrike reports, dropped to $63,000 immediately afterward. Major altcoins like Ethereum and Ripple (XRP) also fell. Prices later recovered, trading around $66,000 as of the morning of the 1st.
Analysts suggest rising energy costs could delay central bank rate cuts, dampening investment sentiment toward risk assets like cryptocurrencies.
