IMO to Hold Special Session on Maritime Security in Middle East, Strait of Hormuz

The International Maritime Organization (IMO) announced Thursday that it will convene a 'special session' next week to discuss the threat to shipping in the Middle East, particularly in the Strait of Hormuz.

The meeting, scheduled for March 18-19 at the IMO headquarters in London, was requested by six of its 40 member states: the United Kingdom, Egypt, France, Morocco, Qatar, and the United Arab Emirates (UAE).

This meeting comes amid projections that disruptions to global energy supplies will drive up energy prices. The 'Strait of Hormuz' accounts for one-fifth of the world's crude oil supply.

The price of fuel in the global market is expected to rise, along with supply shortages, following the impact of Iran's retaliatory attacks on cargo ships transiting the 'Strait of Hormuz' and its Gulf neighbors.

On Thursday, an attack on two oil tankers in Iraq resulted in the death of at least one crew member, and a cargo ship caught fire after being hit by shrapnel.

Iran's new Supreme Leader ordered the closure of the 'Strait of Hormuz' on Thursday, while US President Donald Trump stated that stopping the Islamic Republic's 'evil empire' is more important than the price of crude oil.

The related commodity market suffered losses as oil prices surpassed $100 on Thursday.