Greece’s shipping minister has warned that the security situation in the Strait of Hormuz is “alarming” as dozens of ships remain stranded amid tensions with Iran.
The waterway, which handles about 20% of the world’s oil and gas, has been closed for four days, halting tanker movements.
Iran’s Revolutionary Guards reportedly warned they would fire on any vessel trying to pass through the strait.
The closure is putting pressure on global energy supplies, and a longer disruption could raise oil prices, freight costs, and insurance for ships in the area.
Any prolonged disruption in the Strait of Hormuz could limit oil supplies, raise freight costs, and increase insurance for vessels operating in the region.
Greece, which controls one of the world’s largest merchant fleets, has significant exposure in the region. At least 10 Greek-flagged vessels are inside the Gulf, with five more nearby, carrying dozens of Greek seafarers.
In total, over 325 Greek-linked
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