A Bloomberg analysis published by gCaptain on 31 October 2026 examines the continuing economic cost of the Hormuz shipping confrontation.
Moving ships still carry a risk premium
The analysis reports that danger to vessels has raised insurance and transport costs, while the US blockade has damaged Iranian oil-export income. Tanker operators continue voyages in exchange for high earnings and crew payments. Analysts cited in the report assess that economic pain alone may not end Iran’s ability to harass shipping. gCaptain
Why pipelines cannot replace every shipment
The International Energy Agency’s background note, updated in February 2026, explains that Saudi Arabia and the UAE have pipelines capable of diverting some crude away from Hormuz, but capacity is limited and depends on logistics and supply chains. Liquefied natural gas faces a different constraint: exports require liquefaction facilities, ports and ships, and oil pipelines cannot provide an LNG alternative. The agency identifies limited alternatives for Qatari and Emirati exports. This background explains why oil and gas have different vulnerabilities. International Energy Agency
Human losses beyond freight calculations
The International Maritime Organization records 122 confirmed incidents through 30 October 2026 and 24 confirmed seafarer deaths across the Hormuz and wider Middle East area covered by its list. Entries include injuries, vessel damage and sinkings, alongside incidents recorded without confirmed pollution. The totals are cumulative, not attacks on a single day, and do not equal the number of ships taken out of service: an individual vessel may appear more than once. The records show why assessing shipping requires attention to people and maritime assets as well as cargo volumes. International Maritime Organization
