Iran's control over the Strait of Hormuz could raise consumer prices across the board
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Source: CBS News
March 15, 2026 / 7:00 PM EDT / CBS News
The threat of Iranian attack on ships in the Strait of Hormuz is disrupting global energy supplies and could soon send the price at the pump to a new record high. With the passage of oil tankers and cargo ships all but halted in and around the strategically vital waterway, the price of food, transported using oil and diesel, is also expected to climb if the closure persists, according to Bob McNally, a former White House energy adviser.
Problems could continue even if President Trump were to declare an end to the war tomorrow. "It's not like there's a big gate that swings open in front of the Hormuz and Iran locks the gate," McNally, founder and president of Rapidan Energy Group, said. "All Iran has to do is demonstrate every day, every other day, that it has the means and the ability to attack ships in the strait, and that will be enough."
Strait of Hormuz situation stranding ships
About one-fifth of the world's oil supply passes through the Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf. It is around 21 miles wide at its narrowest point. Each day, around 130 ships sail through, according to the Joint Maritime Information Center. That changed on Feb. 28, when the U.S. and Israel started airstrikes across Iran.
Traffic has nearly ground to a halt, leaving an estimated 20,000 crew members on stranded ships in the area. Some of those crew members are aboard cargo ships operated by Hapag-Lloyd, a German shipping giant for which Capt. Silke Lehmköster oversees a 300-vessel fleet.
Read more: https://www.cbsnews.com/news/iran-strait-of-hormuz-closure-impact-60-minutes/
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