politics

Traffic starts trickling through Strait of Hormuz

Iran’s de facto blockade of the Strait of Hormuz has stoked fears of the gravest disruption to global oil supply in history, as the Middle East conflict stretches into its third week.

The blockade has squeezed shipping traffic to a trickle, with just 21 tankers transiting the route since the war began on Feb. 28, according to S&P Global Market Intelligence, compared to more than 100 ships daily before the conflict.

Most vessels appear to be holding positions outside Hormuz, with thousands of seafarers stranded aboard vessels in the Gulf. Some have explored a pivot to disperse to alternative ports.

Roughly 400 vessels were spotted operating in the Gulf of Oman, as a massive backlog of ships waited near the chokepoint, according to a report from maritime intelligence firm Windward on Sunday.

While Iran has kept a tight grip on the strait, a small number of other ships have made the crossing under varying circumstances, signaling that Tehran is selectively letting through some non-Iranian oil cargo in negotiated safe voyages, according to maritime analysts.

Here’s a look at some of the countries that have had their vessels go through the critical energy route since the war began.

China

Tehran has largely avoided targeting ships linked to China. Dozens of vessels broadcasting AIS — automatic identification system — destinations referenced Chinese ownership or crew presence while operating in the Gulf, according to Windward.

“This pattern suggests the possibility of an informal access filter, where vessels signaling Chinese ownership or crew may be attempting to indicate neutrality or avoid targeting in the current conflict environment,” Windward analysts said in a report last week.

Beijing was reportedly in talks with Iran to allow crude oil and Qatari liquefied natural gas carriers to pass through the strait. Iran has continued to ship millions of barrels of crude oil to China since the war began.

From March 1 to March 15, a total of 11 China-linked vessels transited through the Strait of Hormuz, according to Lloyd’s List Intelligence, mostly general cargo ships, while tankers operated by mainstream Chinese owners still avoided the route. Earlier this month, Chinese state-owned Cosco Shipping suspended all new bookings for routes to and from ports in the Middle East.

Yet a ship that broadcasts its Chinese affiliation does not always guarantee a safe passage.

One China-owned vessel broadcasting “China Owner” via AIS during transit was struck by shrapnel while sailing from the Middle East Gulf toward Jebel Ali in the United Arab Emirates on March 12, a development that has since deterred further Chinese transits, according to Lloyd’s List Intelligence.

Greece

Greek shipowners, run by Athens-based Dynacom Tankers Management, have been among the first mainstream operators to test the route.

The Shenlong, a Liberia-flagged Suezmax tanker managed by Dynacom, transited the strait around March 8, carrying roughly one million barrels of Saudi crude to arrive at Mumbai’s anchorage.

Another oil tanker, the Smyrni, laden with Saudi crude oil, also sailed through the waterway last week and anchored in Mumbai.

It is not yet clear whether Smyrni was allowed safe passage due to its cargo bound for India, said Lloyd’s List Intelligence.

India

Indian Foreign Minister S. Jaishankar described the country’s direct talks with Tehran as productive. “I am at the moment engaged in talking to them, and my talking has yielded some results,” he told the Financial Times earlier this week. “If it is yielding results for me, I would naturally continue to look at it.”

Two Indian vessels carrying liquefied petroleum gas, or LPG, under the Shipping Corporation of India were also permitted to transit, with one arriving Sunday and a second expected Tuesday.

About 22 vessels carrying crude, LPG, and liquefied natural gas remained anchored in the strait, awaiting confirmation for safe passage, CNBC has learned.

Pakistan, Turkey

As recently as Monday, a Pakistan-flagged Aframax tanker laden with crude from Abu Dhabi became the first confirmed non-Iranian cargo vessel to transit the chokepoint while broadcasting its location, according to Kpler’s ship-tracking intelligence unit, MarineTraffic.

That shows “select shipments may be receiving negotiated safe passage,” it said.

Turkish authorities also confirmed that one Turkish-owned vessel was permitted to transit after calling at an Iranian port, though 14 additional Turkish-owned vessels remain in the region awaiting clearance.

‘Random’ attacks, diverting routes

But the Strait of Hormuz has remained effectively shut to the global energy flow as Tehran continued sporadic attacks on vessels.

Attacks on ships in the Gulf appeared “random” and lacked a pattern, aimed at sowing confusion and disruption rather than targeting specific national profiles or vessel types, maritime analysts said.

At least 16 vessels have been struck in waters near the UAE’s Fujairah port, Iraq’s Khor Al Zubair port and the Gulf of Oman, according to the International Maritime Organization.

Several vessels that were targeted had Western or Gulf-state connections, including links to the U.S., UAE and U.K. through ownership or state registration, according to Windward.

Other affected vessels also included ships arriving from Thailand, Vietnam, and Brazil, indicating “broad targeting of dense commercial shipping lanes rather than a narrow focus on one nationality or operator class,” Windward analysts said.

The attacks have followed no discernible pattern, said Bridget Diakun, senior risk and compliance analyst at Lloyd’s List Intelligence, which “makes things difficult for people trying to plan any transiting, because they can’t work out what the rationale is for one ship getting hit over another,” she said in an interview with CNBC.

Shipowners have also scrambled to secure alternative routes, contingency ports or inland transportation networks, setting off a cascade of congestion across the region’s secondary hubs.

When the war began, some 81 container vessels were bound for ports along the Strait of Hormuz, according to Kpler. Since then, 43 have rerouted to other Gulf ports, with the rest diverting from the region entirely.

Cargoes have been redirected to ports outside the strait, notably Fujairah and Khor Fakkan in the UAE, and Oman’s Sohar, before being moved by truck to their destinations.

CNBC

Analytics

A Labubu movie is on its way

Collectible toy maker and IP powerhouse Pop Mart is teaming up with Sony Pictures to bring its wildly popular Labubu doll to movie theaters.

The live-action and CGI hybrid film is in early development, according to a press release on Thursday. Filmmaker Paul King, best known for 2014′s “Paddington” and “Wonka” from 2023, will produce, direct and co-write the script with screenwriter Steven Levenson.

The now-iconic Labubu character was created by artist Kasing Lung as part of “The Monsters” toy universe, and later became one of Pop Mart’s signature “blind box” hits, gifts packaged in such a way that shoppers don’t know exactly what they’re buying until after they’ve completed their purchase.

Labubu hit peak popularity in the summer of 2025 as sales on the secondary market skyrocketed. But the hype began to quickly fade as sales from resellers lost steam as Pop Mart — a Chinese company — ramped up toy production to meet consumer demand. At the time, Pop Mart told CNBC the fall in resale prices would benefit the company.

According to data supplied to CNBC by Pop Mart, in the first half of 2025, products from “The Monsters” series made up 34.7% of Pop Mart’s revenue, followed by the Molly series, a figurine of a wide-eyed, pouty-lipped girl at 9.8% and Skull Panda, a dark, gothic-themed character at 8.8%.

Franchise expansion

In a February 2026 report, HSBC analysts warned that the Labubu frenzy could lessen and Pop Mart’s earnings could fall, writing: “We expect 2026 growth to normalize after dissecting the Labubu growth risk, leading to 11% to 13% cut in 26-27 earnings.”

Now, as Pop Mart looks for ways to keep the franchise momentum going, the company says the collaboration marks a major step in expanding “The Monsters” from collectibles into a big-screen story.

Movies are not Pop Mart’s goal, according to Chief Operating Officer Si De, in an interview with CNBC’s Elaine Yu on March 1.

“What we look forward to more is using storytelling to help people fall in love with these IPs more deeply or find those points of connection. I think this is the core point of what we want to achieve with our content,” he said.

Si De said the benefits of movies or animation is twofold. “On one hand, it lets people see the [characters’] world more intuitively. On the other hand, it generates a large amount of material. Some of this material can become product designs, some can inspire our theme park design,” he said.

CNBC

politics

Saudi Arabia warns Iran of ‘consequences’ after attacks on refineries

Saudi Arabia’s foreign minister issued a stark warning to Iran late Wednesday, declaring the Kingdom reserves the right to launch military strikes after aerial attacks on key targets.

Speaking after an emergency summit of Arab and Islamic ministers in Riyadh, Prince Faisal bin Farhan said pre-war trust with Tehran is now obliterated — and urged Iran to rethink its dangerous errors.

The top diplomat slammed Tehran’s bid to bully Riyadh and Gulf neighbours, vowing it would fail spectacularly. “This pressure from Iran will backfire politically and morally, and certainly we reserve the right to take military actions if deemed necessary,” he said.

Prince Faisal added, “The Kingdom and its partners possess significant capabilities, and the patience we have shown is not unlimited. It could be a day, two days or a week; I will not say.”

“We’ve seen two refineries targeted today,” Prince Faisal told reporters. “What’s the purpose of that? The Iranians have to understand that it will have consequences.”

Saudi Foreign Minister @FaisalbinFarhan:

“Iran is calling for solidarity from the Islamic world while targeting Muslims!

If Iran believes Gulf states are incapable of responding, then its calculations are mistaken and dangerous.”

politics

Arab-Islamic bloc condemns Iran strikes on Gulf states

Arab and Islamic foreign ministers issued a unified condemnation of Iran’s missile and drone attacks across the Gulf on Thursday, warning that the strikes on civilian infrastructure “cannot be justified under any circumstances” and urging Tehran to immediately halt its escalation.

Meeting in Riyadh amid intensifying regional tensions, ministers from Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Egypt, Jordan, Syria, Türkey, Pakistan, Azerbaijan and Lebanon said continued violations of sovereignty would carry consequences and reaffirmed the right of states to defend themselves under Article 51 of the UN Charter.

Highlights

Unified condemnation: Arab and Islamic ministers jointly denounce Iran’s missile and drone strikes, calling them unjustified attacks on civilian infrastructure.
Military option open: Saudi Arabia says it reserves the right to take military action, warning its restraint “is not unlimited.”
Riyadh targeted during talks: Ballistic missiles aimed at the Saudi capital were intercepted while ministers were meeting in Riyadh, with explosions heard across the city.
Widespread attacks: Energy sites including refineries and gas facilities targeted across Gulf states.
Escalation risks widen: Ministers warn of threats to global shipping and energy flows, urging Iran to halt attacks and de-escalate.

The joint statement described what it called deliberate targeting of civilian sites — including oil facilities, desalination plants, airports, residential areas and diplomatic missions — and warned against threats to global shipping routes such as the Strait of Hormuz and the Bab Al Mandeb.

The unified stance signalled a growing regional alignment against Tehran as attacks spread across multiple Gulf states.

Saudi Arabia’s warning sharpens

Against that backdrop, Saudi Arabia signalled it could take military action, with Foreign Minister Prince Faisal bin Farhan warning that the Kingdom’s restraint “is not unlimited.”

“We have reserved the right to take military action if deemed necessary,” he said after the meeting. “The Kingdom is not going to succumb to pressure… and this pressure will backfire.”

In some of his strongest remarks since the conflict began, Prince Faisal suggested patience could run out at any moment. “It could be a day, two days, or a week — I will not say,” he added.

He also said that what little trust remained between Riyadh and Tehran following the 2023 restoration of ties “has been completely shattered,” warning that further escalation could leave “almost nothing” to salvage in the relationship.

Clear signal

Prince Faisal accused Iran of trying to pressure its neighbours through sustained attacks and said the targeting of Riyadh — while diplomats were meeting in the capital — sent a clear signal about Tehran’s stance.

“I think that’s the clearest signal of how Iran feels about diplomacy,” he said. “It doesn’t believe in talking to its neighbours.”

He also dismissed Iran’s claim that it was targeting US-linked assets as “weak,” condemning what he described as repeated strikes on civilian infrastructure across the Gulf.

His comments came as Saudi Arabia reported fresh Iranian attacks, including ballistic missiles targeting Riyadh on Wednesday. Air defence systems intercepted four missiles over the capital, while residents reported loud explosions and emergency alerts — a rare moment when the war was directly felt in the city.

Debris from intercepted projectiles fell near a refinery south of Riyadh, though authorities reported no casualties.

Continued attacks risk closing the door to de-escalation

The Saudi defence ministry said it also intercepted and destroyed six drones over Riyadh and the Eastern Region on Thursday, part of a broader wave of attacks across the Gulf.

Since February 28, Saudi officials say air defences have intercepted at least 457 drones, 40 ballistic missiles and seven cruise missiles — underscoring the scale and intensity of the campaign.

The UAE has faced an even higher volume of attacks, while Qatar, Kuwait and Bahrain have also come under fire.

In Qatar, authorities said civil defence teams had contained fires at a major gas facility in the Ras Laffan Industrial Area after an Iranian strike, with no injuries reported.

Kuwait reported a drone strike on the Mina Abdullah refinery that caused a fire, while its air defences shot down five drones early Thursday. Officials said security forces remain on high alert to protect vital infrastructure.

Saudi officials confirmed that two of its oil refineries had also been targeted, contradicting earlier Iranian claims that strikes were limited to US-linked assets.

Ministers also warned that continued escalation could threaten maritime security and disrupt global energy flows, urging Iran to refrain from actions that could endanger navigation through key chokepoints.

Despite the sharp warnings, Prince Faisal said Saudi Arabia still prefers a diplomatic path — but cautioned that continued attacks risk closing the door to de-escalation.