The situation in the Strait of Hormuz has become increasingly complex since the outbreak of war in the Middle East, with Iran threatening to completely close the passage, which would further strangle the market.

Approximately 20 ships have been affected by the Revolutionary Guards since the start of the conflict. Protothema published a video from its correspondent, Marinos Aleiferis, showing a recent attack on a tanker and its devastating consequences.

According to the International Maritime Organization, about 3,000 ships and 20,000 seafarers are either trapped or affected by the situation in the area.

U.S. Treasury Secretary Scott Bessent told Sky News that the U.S. Navy will begin escorting tankers through the Strait. “My belief is that as soon as it is militarily feasible, the U.S. Navy, perhaps as part of an international coalition, will escort ships through the Strait of Hormuz. In fact, there are tankers passing now, Iranian tankers, and I believe some Chinese-flagged tankers have also passed. So we know they have not mined the strait,” he commented.

Meanwhile, Iran’s new Supreme Leader, Mojtaba Khamenei, stated on Thursday that he intends to use the closure of the strategic waterway as leverage against the U.S. and Israel.