On the morning of Saturday, February 28, 2026, America and Israel have started major military action against Iran. In response to this, Iran has also launched missile attacks at many places. Due to this sudden tension, many big oil and gas companies of the world have completely stopped the movement of their ships through the Strait of Hormuz. This route is considered most important for oil supply across the world and its closure can create a major crisis.
Threat of increase in oil prices and market condition
Traders have halted oil and gas cargoes citing safety. Market experts say that if this route is completely blocked, crude oil prices can reach $120 to $130 per barrel. At present the price of Brent Crude is hovering around $73, but there is a possibility of it going up to $80 immediately.
According to reports, around 11 tankers carrying gas (LNG) from Qatar have either slowed down their speed or taken a U-turn. If this supply chain breaks, there may be a huge jump in the prices of gas and petrol all over the world, which will have a direct impact on the pockets of the common man.
Strict warning for ships at sea
The US Navy has declared a grave threat in the areas of Persian Gulf, Gulf of Oman and Strait of Hormuz. He has clearly said that in the current situation they cannot guarantee the safety of merchant ships. There is also a danger of satellite navigation (GPS) being jammed in this area, due to which ships fear losing their way.
Ships have been advised to maintain a distance of at least 30 nautical miles from any naval ship. Shipping associations INTERTANKO and BIMCO have issued an alert to their members, saying that the risk of ships being attacked or seized has increased significantly.
Important updates for air travel and passengers
The effect of this war-like environment is now visible on air traffic as well. Airlines of India and several Gulf countries (GCC) have banned flying over the Middle East. Many flights are being canceled or their routes are being changed, which can cause a lot of trouble to the passengers.
There has also been news of a missile attack on the American Fifth Fleet Center in Bahrain. In view of security, non-essential staff are being called back. Indian or other foreign nationals who are currently in or planning to travel to Gulf countries have been advised to keep checking for latest information from their airlines.