About 100 container ships are among the 750 vessels now trapped in the Strait of Hormuz following U.S. and Israeli strikes on Iran, Reuters reported Monday, citing Jeremy Nixon, CEO of container carrier Ocean Network Express (ONE).

ONE is a joint venture formed by Japanese shipping lines Nippon Yusen Kabushiki Kaisha (TYO:9101), Mitsui O.S.K. Lines (TYO:9104) and Kawasaki Kisen Kaisha (TYO:9107) or K Line.

"About 10% of ​the container ship global fleet is caught up ​in this," Nixon was quoted by Reuters as saying at S&P Global Market Intelligence's TPM26 ⁠container shipping conference in Long Beach, California.

Maritime insurers have reportedly stopped covering voyages through the Strait once Iran began retaliating against the strikes.

The Iranian Revolutionary Guards declared the Strait of Hormuz closed on Monday.

Ebrahim Jabari, a senior adviser to the Guards, warned, "If anyone tries to ​pass, the heroes of the Revolutionary Guards and the regular navy will set ​those ships ablaze."

Meanwhile, Nixon and other industry experts warned of broader economic risk of a prolonged closure of the Strait.

"That would create a big energy spike," Nixon reportedly said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)