Dozens of oil tankers have been spotted transiting the Strait of Hormuz in the past 24 hours, following a reported US-Iran deal that has thrust British maritime security into high alert. The Royal Navy is monitoring the situation closely, with sources confirming that HMS Montrose has been repositioned to shadow the convoy.
The tanker movement, described by maritime officials as the largest single-day transit in over a year, comes amid reports that Washington and Tehran have reached a preliminary understanding regarding nuclear enrichment and sanctions relief. While the details remain sketchy, the sudden surge in shipping suggests that oil markets are already pricing in a potential return of Iranian crude.
For British households, this could mean a reprieve at the petrol pump. According to the RAC, average UK petrol prices have hovered near 145p per litre in recent weeks, down from last year's peaks but still painful for families on tight budgets. Cheaper oil from Iran could drive wholesale costs down further, though experts warn that any deal remains fragile and could unravel quickly.
But there's a broader concern here that goes beyond the price of a tank of fuel. The Strait of Hormuz is the world's most important oil chokepoint, handling about a fifth of global supply and a third of LNG. Every time geopolitical tensions spike, trade and energy costs ripple out to Britain's ports, refineries, and ultimately the kitchen table. The region's instability has driven up insurance premiums for tankers and pushed up shipping costs, which are ultimately passed on to consumers.
For the UK, which imports around 30% of its crude oil from the Middle East, the risks are acute. The Royal Navy has maintained a continuous presence in the Gulf since 2019, when tensions first flared after the US withdrawal from the nuclear deal. In 2021, HMS Defender was involved in a confrontation with Iranian boats. Today's movements suggest we are entering another period of high alert.
The Labour government has not yet issued a formal statement, but a Downing Street source told this paper that the situation is being reviewed at the highest level. The PM is due to chair a meeting of COBR early tomorrow. Meanwhile, tanker tracking data from Vortexa shows that at least 14 vessels laden with Iranian crude have passed through the strait since midnight, bound for Asian markets.
This is a developing story, but the implications for the British economy are clear. Any disruption to the strait would send energy prices soaring, feeding directly into inflation and squeezing real wages. Unions have already warned that another cost-of-living wave could trigger fresh strike action. For now, the tankers keep moving. But there is no telling how long that lasts.
