Stock Markets March 12, 2026

Six Vessels Struck in Gulf and Strait of Hormuz as Fighting Escalates, Merchant Shipping Paralyzed

Explosive-laden boats and unidentified projectiles hit tankers, bulkers and container ships; Iraqi oil ports suspend operations and at least one seafarer is dead

By Jordan Park SBLK
Six Vessels Struck in Gulf and Strait of Hormuz as Fighting Escalates, Merchant Shipping Paralyzed
SBLK

Explosive-laden boats attacked two fuel tankers in Iraqi territorial waters and projectiles struck several other vessels across the Gulf and Strait of Hormuz, bringing regional commercial shipping to a near-halt and pushing oil prices to multi-year highs. Iraqi authorities report a recovered crew member fatality, widespread fires aboard the damaged tankers and a suspension of oil port operations. The incidents mark a step-up in maritime engagements tied to the broader conflict between Iran and U.S.-Israeli forces.

Key Points

  • Multiple merchant vessels struck, causing fires and at least one confirmed fatality
  • Iraq\'s oil ports suspended loading operations while regional shipping nears a standstill, pushing oil prices higher
  • Attacks raise immediate risks for shipping, insurance, logistics and energy markets

Explosive-laden small boats believed to be Iranian struck two fuel tankers within Iraqi territorial waters late on Wednesday, setting both vessels ablaze and resulting in the death of one crew member, port and maritime security sources said.

The attacks came after projectiles struck four other ships earlier in the day in Gulf waters, bringing the tally of vessels hit in the region since the fighting began to at least 16. Shipping traffic through the Gulf and the narrow Strait of Hormuz - the route that carries roughly a fifth of the world\'s oil - has slowed to near-standstill since U.S. and Israeli strikes on Iran began on February 28, a disruption that has contributed to a surge in global oil prices to levels not observed since 2022.

Iran\'s Revolutionary Guards have warned that, should attacks on Iran continue, they would not permit "one litre of oil" to leave the Middle East bound for the United States, Israel or their partners. Former U.S. President Donald Trump publicly warned that Washington would strike Iran harder if it attempted to block oil exports, and said oil companies should continue to use the strait because "just about all of (Iran\'s) navy is gone."


The vessels hit in Iraqi waters

The two ships subject to the late-night assaults were the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros, both of which had taken on fuel cargoes in Iraq, according to two Iraqi port officials. Iraq\'s State Organization for Marketing of Oil (SOMO) said the Safesea Vishnu was chartered by an Iraqi company contracted with SOMO, and that Zefyros had been loaded with condensate products from Basra Gas Company. SOMO reported both attacks occurred in the ship-to-ship loading area inside Iraqi territorial waters.

Following the assaults, Iraq\'s oil ports ceased operations entirely, the head of the state-run General Company for Ports of Iraq (GCPI) told state media, while commercial ports continued to operate. The United Kingdom Maritime Trade Operations (UKMTO) reported that the crew of one of the damaged ships had been evacuated and were safe.

GCPI director general Farhan al-Fartousi said a boat belonging to the Iraqi Ports Company had rescued 25 crew members from the two tankers, but that fires were still burning aboard both vessels. Iraqi rescue teams remained active in searches for other seafarers, and a port security official said authorities had recovered the body of a foreign crew member from the water.

Data from Lloyd\'s List Intelligence identifies the commercial operator and beneficial operator of the Safesea Vishnu as Safesea Transport Group and Safesea Group, respectively. Those U.S.-based companies did not immediately comment. For the Malta-flagged Zefyros, Lloyd\'s List Intelligence lists UK-based Cygnus Tankers Limited as the commercial operator and the George & Vassilis Michael family group of companies as the beneficial owner of a tanker matching that name and registry. The beneficial owner could not be reached immediately.


Additional strikes across the Gulf and the strait

Earlier on Wednesday, two projectiles of unknown origin struck the Thai-flagged dry bulk vessel Mayuree Naree as it transited the Strait of Hormuz, the ship\'s Thai-listed operator Precious Shipping said. The impact caused a fire and damaged the vessel\'s engine room. Precious Shipping reported that three crew members were missing and were believed to be trapped in the engine room, while the remaining 20 crew had been safely evacuated and were ashore in Oman. Images provided by the Thai navy showed smoke issuing from the ship\'s stern.

Iran\'s Guards, in a statement carried by the Tasnim news agency, said the Mayuree Naree had been "fired upon by Iranian fighters," language that suggested a direct engagement by the Guards rather than an indirect strike. Previously, the Guards had been linked to missile and drone attacks.

Meanwhile, the U.S. Navy has declined near-daily requests from the shipping industry for military escorts through the Strait of Hormuz since the start of the confrontation, citing the elevated risk of attack for naval forces. Sources familiar with the matter said the Navy considered the danger too high to provide routine escort missions. Former President Trump has said the United States stands ready to provide naval escorts when needed.


Three other vessels sustained varying degrees of damage

Maritime security firms reported additional incidents across the Gulf. The Japan-flagged container ship ONE Majesty received minor damage from an unknown projectile while at anchor 25 nautical miles northwest of Ras Al Khaimah in the United Arab Emirates. Its owner, Mitsui O.S.K. Lines, and its charterer, Ocean Network Express, said the vessel was struck while at anchor and an inspection revealed minor damage above the waterline. All crew were reported safe and the vessel remained operational and seaworthy; the cause of the impact was under investigation.

A bulk carrier was also struck by a projectile approximately 50 nautical miles northwest of Dubai. Maritime risk management firm Vanguard said the Marshall Islands-flagged Star Gwyneth suffered hull damage; Star Bulk Carriers reported the ship had been hit in the hold area while anchored. The company said there were no crew injuries and the vessel was not listing.

Early on Thursday, UKMTO reported an unidentified projectile struck a container ship 35 nautical miles north of Jebel Ali in the UAE, causing a small fire. The crew were reported safe. Iran\'s Guards included reference in their statement to another ship they said had been hit by projectiles on Wednesday morning - a phrasing often used to describe drone strikes - but that report could not be immediately confirmed.


Operational and market consequences identified in reports

Reports from ports and maritime security firms indicated a sharp interruption to normal commercial activity. Iraqi oil ports have been closed to oil loading operations following the assaults, although commercial ports were described as still functioning. The accumulation of attacks across the Gulf and the Strait of Hormuz has pushed global oil benchmarks up to highs not seen since 2022, a market response linked directly in reporting to the stoppage of regional shipping since February 28, when U.S. and Israeli strikes on Iran intensified the conflict.

By the end of the reported incidents, rescue and inspection operations continued, firefighting efforts were ongoing aboard affected vessels, and inquiries into ownership and operational responsibility for the damaged ships were under way through maritime registries and industry intelligence services.


Summary of verified facts

  • Explosive-laden boats appear to have attacked two fuel tankers - the Safesea Vishnu and the Zefyros - in Iraqi territorial waters, igniting fires and resulting in one confirmed fatality.
  • Earlier in the day, projectiles struck four other vessels across the Gulf and the Strait of Hormuz, including the Mayuree Naree, which sustained engine-room damage and had three crew members reported missing.
  • Iraq\'s oil ports have halted oil operations, and shipping through the Gulf and the Strait of Hormuz has largely stopped since U.S. and Israeli strikes on Iran began on February 28, contributing to a rise in global oil prices to levels not seen since 2022.

Key points

  • Maritime security and shipping: Multiple attacks have directly targeted merchant vessels, causing fires, crew casualties and evacuations, and disrupting normal port and ship-to-ship loading operations.
  • Energy markets: The stoppage of shipping in a chokepoint that transits about one-fifth of global oil supplies has coincided with a jump in oil prices, reflecting supply disruption risk.
  • Insurance and logistics sectors: Repeated strikes and continuing uncertainty over safe passage through the Gulf and the Strait of Hormuz are likely to affect marine insurance premiums, routing decisions and overall freight operations in the near term.

Risks and uncertainties

  • Further escalation of maritime attacks - The Revolutionary Guards have warned they will target ships traversing the Strait of Hormuz if hostilities persist, creating ongoing risk to merchant shipping and crew safety.
  • Operational disruptions - With Iraq\'s oil ports closed to loading, there is uncertainty over the duration and extent of port and ship-to-ship operation suspensions, which directly affects oil exports and related logistics chains.
  • Verification gaps - Some claims of engagement, including a Guards reference to a ship hit by projectiles on Wednesday morning and the details around several projectile strikes, could not be independently confirmed at the time of reporting.

What remains unconfirmed or pending

Investigations by maritime authorities and operators into the precise causes of each impact were ongoing. The beneficial owner of the Malta-flagged Zefyros could not be reached immediately, and certain attack attributions reported by involved parties had not been independently corroborated.

Rescue and firefighting operations were still active on the damaged tankers, and searches for missing crew members were continuing. Authorities and industry bodies were continuing to monitor the situation for additional developments.

Risks

  • Revolutionary Guards\' threats to target any ship in the Strait of Hormuz increase the risk of continued maritime attacks and crew casualties (affects shipping and energy sectors)
  • Closure of Iraq\'s oil ports to loading creates uncertainty for oil exports and supply chains, with implications for energy markets and trade logistics
  • Some attack claims and attributions remain unconfirmed, leaving gaps in situational awareness for authorities and market participants

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