NAVAL2026-03-05

Hormuz Closes: The Oil Shock

P&I insurance pulled -- 20% of world oil supply cut off

On Day 6, the Strait of Hormuz achieved effective closure through insurance markets. P&I clubs withdrew all coverage effective March 5. 150 vessels anchored outside. 20% of global daily oil blocked. Brent above . Goldman base case.

Key facts

•P&I insurance fully withdrawn -- effective March 5
•~150 ships anchored outside Hormuz
•20M barrels/day blocked -- 20% of global seaborne supply
•Brent crude: + at Asian open
•Goldman Sachs: /barrel is now the base case
•ECB emergency board meeting convened

Timeline

02:00 UTC

IRGC drones hit Ras Tanura -- Saudi oil infra targeted

06:00 UTC

P&I insurance withdrawn -- Hormuz effectively closed

08:00 UTC

Brent . Goldman base case. ECB emergency.