27 April 2026 1 minute read

With Iran and the US competing to block the Strait of Hormuz, oil, gas and fertiliser trade disruptions are impacting markets.

Figure 1: Number of cargo ships crossing the Strait of Hormuz, January 1 to April 7, 2026

Past performance is not a reliable indicator of future returns.

Source: Bloomberg, Aviva Investors. Data as of April 8, 2026.

 

Around a quarter of global seaborne oil trade, a fifth of liquefied natural gas and 30 per cent of seaborne fertiliser pass through the Strait of Hormuz.

That makes it a crucial chokepoint for trade. With crossings tumbling from 125 to around four a day, its effective closure has heightened geopolitical risks and trade concerns.

Even a short-lived disruption has had an immediate and material impact on financial markets.

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