- According to folk etymology, the name Hormuz derives from the pronunciation of the Iranian god Ahuramazda
- Theories have also linked the name to Hur-Muz (Place of Dates) and even the Greek word for cove or bay
- The Strait of Hormuz has been an important waterway for centuries
As the war in West Asia continues, tanker traffic in the Strait of Hormuz has ground to a halt.
With energy prices surging and stock markets in the red, the 33 km-long waterway has become a flashpoint in the conflict between Iran on one side and Israel, the US and Gulf nations allied with the United States on the other.
How Did The Strait Of Hormuz Get Its Name?
According to folk etymology, the name Hormuz derives from the pronunciation of the Iranian god Ahuramazda, who was the central figure in the religion of Zoroastrianism. However, theories have also linked the name to Hur-Muz (Place of Dates) and even the Greek word for cove or bay.
A kingdom of the same name was among the minor states that rose in the medieval period after the fall of the Abbasid empire in the region. Slowly, the name came into daily usage for the narrow passage that connects the Persian Gulf to the Gulf of Oman.
The Strait of Hormuz has been an important waterway for centuries. Earlier, ceramics, ivory, textiles and silk from China moved through the region.
Now, it is the main thoroughfare for supertankers carrying oil and gas from Iran, Iraq, Qatar, Bahrain, Kuwait, the UAE and Saudi Arabia. The vast majority of the supplies go to Asian countries, including China, which is Iran's only remaining oil customer, as per the Associated Press.
While there are pipelines in the UAE and Saudi Arabia that can avoid the waterway, as per the US Energy Information Administration, “most volumes that transit the strait have no alternative means of exiting the region.” This makes the Strait of Hormuz the world's most important oil chokepoint, with one-fifth of global oil supplies transiting through the passage.
Even in the past, in the middle of conflicts, Iran occasionally halted the movement of shipping vessels through the narrow strait. It, however, had not carried out repeated threats to close the waterway completely since the 1980s.
After recent strikes in Tehran and other cities, Iran has attacked several ships in the Strait of Hormuz and threatened any tankers that try to pass through, effectively closing it.
The Islamic Revolutionary Guard Corps, the Iranian elite force spearheading the counter-attack against the US and Israel, stated they now have "complete control" of the Strait and any vessels that tried to pass risked damage from stray drones or missiles. As per sources, Tehran has said it will allow only Chinese vessels to pass through the strait as an expression of gratitude for the country's stand towards Tehran since the conflict began.
US President Donald Trump has said that the country's navy would escort oil tankers through the waterway if needed to ensure the free flow of energy. On social media, Trump also said that he ordered the US development finance arm to provide political risk insurance for tankers carrying oil as well as other goods through the Persian Gulf “at a very reasonable price.”
Political risk insurance intends to protect firms against financial losses due to violence, unstable political conditions or government actions. The news comes in the backdrop of marine insurers cancelling or raising rates for insurance in the region. Danish shipping company Maersk and other ocean carriers such as Hapag-Lloyd, CMA-CGM and MSC have suspended all vessel crossings in the Strait of Hormuz until further notice.
