Middle East Conflict – Media Hub 24 March 2026

TradeWinds: Lost Strait of Hormuz volumes unlikely to be replaced by Jones Act-waivered cargoes

US crude and product volumes lost due to the Strait of Hormuz disruptions are unlikely to be replaced by Jones Act–waivered cargoes, with the US instead expected to substitute Middle Eastern supply through increased imports from other regions.

Our team explains the potential for legal and congressional challenges to the official justification of the waiver.

Energy markets are facing major disruption after producers across Qatar, Iraq, the UAE, Kuwait and Bahrain declared force majeure following Iranian strikes that damaged infrastructure and shipping routes, halting or limiting LNG and oil deliveries.

Speaking with Global Trade Review, Partner Sumeet Malhotra breaks down what requirements need to be met in order to claim force majeure.

Waiving the Jones Act will allow foreign‑flagged vessels to operate in U.S. coastwise trade to help steady oil and gas markets amid disruption linked to the ongoing Middle East conflict.

In this article Counsels C.J. Chido and Maxi Adamski – de Visser unpack what this means in practice – from how the waiver sits within the Jones Act’s national‑defence provisions to the key compliance steps for vessel owners and charterers, including checking cargo eligibility and monitoring further DHS/CBP updates.

Partner Sumeet Malhotra explains how disruption in the Strait of Hormuz triggers not only shipping delays and surging freight and insurance costs, but also a rapid tightening of trade finance as payment cycles lengthen and banks reduce risk exposure.

Partner Jean-Pascal Boutin analyses the strain on European energy systems as the conflict drives gas costs higher, prompting debate over marker reform and renewables.

Europe is among the most exposed regions, with soaring fuel prices and supply‑chain vulnerabilities prompting experts to warn that even if the conflict ends soon, recovery could take up to six months.

Airlines are struggling to cope with the knock‑on effects of regional airspace closures and safety concerns due to the war in the Middle East, putting holiday travel plans at risk.

Airlines have been warned that long‑haul Easter holiday flights could face significant disruption within weeks as Iran’s blockade of the Strait of Hormuz threatens global jet fuel supplies and rapidly depleting reserves drive prices to record highs. Europe and the UK are particularly vulnerable, raising the risk of widespread cancellations if the crisis continues.

The UK Foreign Office has warned that the US‑Israeli conflict with Iran is causing global airspace closures and widespread flight delays and cancellations, potentially affecting travel from Heathrow, Gatwick and other UK airports. Jet fuel prices have surged due to Iran blocking the Strait of Hormuz, raising the risk of further airline disruption.

London Loves Business: Airlines warn of cancellations as Middle East fuel crisis deepens

Airlines are warning that fuel shortages caused by the escalating US‑Israel conflict with Iran may force widespread flight cancellations starting next month, with jet fuel prices surging.