By wresting control of the Strait of Hormuz, Iran has turned the tables on US

Iran spent a decade building up a shadow fleet of tankers untouched by western finance and insurance to evade US sanctions.

Now, those vessels are snaking through the Strait of Hormuz while their western-affiliated counterparts are locked out of the key chokepoint.

Whereas the US used its heft as the underwriter of the world’s finance system to box out foes like Iran and Russia, the Islamic Republic is using missiles and drones to do the same.

At least 17 vessels have been attacked by Iran in the Gulf since the war started on 28 February. Ship owners and operators in the West willing to transit the Strait of Hormuz must now face sky-high insurance premiums.  

Traffic through the passage has plunged, but more than 20 long-range tankers have exited the waterway since the war on Iran began, according to data shared with Middle East Eye by analytics firm Kpler.

Read more: By wresting control of the Strait of Hormuz, Iran has turned the tables on US