TLDRSince Saturday’s outbreak of U.S.-Iran hostilities, nine vessels have been struck in Gulf watersOne Bahamas-flagged tanker struck near Iraqi waters; another vessel off Kuwait coast is flooding and spilling crudeApproximately 200 vessels remain anchored in open sea, immobilized; additional hundreds trapped beyond Strait of Hormuz entry pointsCrude prices have climbed 15% since conflict initiation; European natural gas has surged approximately 50% this weekLondon’s insurance sector confirms Hormuz transit coverage remains accessible, though premium rates have increasedThe ongoing U.S.-Iran military confrontation, now entering its fifth day, continues to wreak havoc on Middle Eastern petroleum and natural gas transportation routes. Since hostilities commenced on Saturday, nine commercial vessels operating in Gulf waters have come under attack. Iran just attacked a tanker anchored off Kuwait.Small craft approached, large explosion on the port side, then disappeared.The IRGC is claiming it was an American oil tanker.150 ships are already stranded across the region. Now Iran is hunting the ones at anchor.… https://t.co/cAzp9fMZGE pic.twitter.com/oHeGP6JCiZ— Mario Nawfal (@MarioNawfal) March 5, 2026Thursday witnessed an attack on a Bahamas-registered crude carrier when Iran deployed an explosive-laden remote-controlled vessel near Iraq’s Khor al Zubair port facility. Simultaneously, another tanker stationed off Kuwait’s coastline began taking on water and hemorrhaging crude following a massive detonation on its port flank.Thursday also saw [[LINK_START_0]]Iran[[LINK_END_0]] unleash a barrage of ballistic missiles toward Israel while dispatching unmanned aerial vehicles into Azerbaijani territory, wounding four civilians. The conflict shows clear signs of expanding beyond Gulf boundaries.Roughly 200 commercial vessels—comprising crude tankers, liquefied natural gas transporters, and general cargo ships—remain stationary at anchor in international waters adjacent to principal Gulf petroleum-producing nations. Several hundred additional vessels are trapped outside Strait of Hormuz access points, unable to reach destination ports.The Strait of Hormuz serves as the transit route for approximately one-fifth of global petroleum and LNG shipments. Its operational shutdown is already producing quantifiable effects across international energy commodity markets.BP initiated emergency evacuation procedures for international personnel from Iraq’s Rumaila petroleum field following the landing of two unidentified drones within facility boundaries. Iraq has slashed crude production by approximately 1.5 million barrels daily, as storage capacity reached maximum levels and tanker loading operations became impossible.One Kuwaiti refining facility ceased operations entirely. A second facility reduced throughput capacity. A third refinery located in Bahrain similarly curtailed production volumes.Insurance Market RespondsnLondon’s maritime insurance sector has indicated willingness to provide coverage for vessels navigating the Strait of Hormuz, albeit at substantially elevated premium rates. Brokerage firm Arthur J. Gallagher confirmed coverage availability for ships currently positioned within Persian Gulf waters and those seeking entry or exit through the strait.Insurance brokers Marsh and Aon are engaged in ongoing discussions with Washington officials as part of President Trump’s commitment to facilitate tanker insurance arrangements. Lloyd’s of London has verified its collaboration with the U.S. International Development Finance Corporation regarding this initiative.Despite accessible insurance products, the majority of vessel operators are opting against movement. Industry analysts indicate that crew safety concerns, rather than insurance premium expenses, represent the principal deterrent.Energy Prices Climb SharplyOil prices advanced approximately 2% Thursday, pushing cumulative gains since Saturday to roughly 15%. U.S. benchmark crude registered about 3% appreciation on Thursday independently.European natural gas benchmark rates increased 2% Thursday and have climbed approximately 50% across the week. Qatar, responsible for supplying 20% of global LNG volumes, suspended gas production operations earlier this week due to conflict circumstances.Russian President Vladimir Putin indicated Russia maintains capability to immediately terminate European gas supplies, referencing the energy price surge triggered by the Iranian crisis situation.The United States and Australia possess minimal surplus production capacity to compensate for Qatar’s interrupted LNG supply, according to industry specialists and Reuters analysis.The post Gulf Shipping Paralyzed: Nine Vessel Strikes and 200 Ships Stranded Amid US-Iran Conflict appeared first on Blockonomi.