Suez and Hormuz shut together, triggering global supply shock

For the first time in modern maritime history, both of the Middle East’s critical shipping chokepoints—the Strait of Hormuz and Bab el-Mandeb (Red Sea)—are simultaneously closed or under active threat to major commercial shipping. Following the launch of US-Israeli strikes on Iran on February **, ****, Iran declared the Strait of Hormuz closed to Western-allied vessels within ** hours. Tanker traffic collapsed from approximately *** vessels per day to near-zero. Within the same **-hour window, Houthi forces in Yemen threatened to resume attacks on Red Sea shipping, forcing Maersk to re-pause all trans-Suez sailings just weeks after a **-month diversion had finally ended.

All four major global container carriers—Maersk, MSC, CMA CGM, and Hapag-Lloyd—suspended Gulf transits on March *. P&I war risk insurance was cancelled by more than ** International Group clubs, effective March *. Dubai’s Jebel Ali port, the critical transshipment hub for South Asian textile manufacturers, has been struck by Iranian missiles and drones, operating at severely reduced capacity. Gulf airline cargo capacity—Emirates, Qatar Airways, Etihad—is down by over ** per cent, crippling the air freight corridor that Bangladesh’s garment exporters depend on for time-sensitive deliveries to Europe.