This is because countries are unwilling to employ alternative energy transportation routes while they develop economically, the report said.
Statistics from Turkey's Coast Guard Command pegged oil traffic through the straits at 164.1 million tonnes last year, up 160% from the 63.1 million tonnes moved in 1997.
That figure is expected to swell to over 200 million tonnes by 2009.
The Bosphorus, also known as the Istanbul Strait, is one of the narrowest points for deep sea transportation in the world, according to the report. Its winding contours, strong currents and poor visibility due to fog, snow and rain create additional risks.
About 10% of the 50,000 vessels that ply the Bosphorus every year are oil or gas tankers.