Tyre was a famous and rich city. When Solomon built the temple of the Lord, the cedar and cypress wood that was used in its construction was purchased from Tyre. These came from the famous cedars of Lebanon, which are mentioned many times in the Psalms. Now, though, the riches of that city are being laid to waste, and the princes who enjoyed it mourn for their losses in the great desolation.
The lament these princes raise over Tyre tells us that the city employed a powerful navy and certainly extended influence over the waters of the eastern Mediterranean Sea. The political fallout from their destruction would spread from port to port, while piracy almost certainly made the sea more dangerous in the years following the siege.
The Lord declares to Tyre that He will bring the waters of death over their heads, a metaphor that is particularly frightening to seafarers. Great waters and “the pit” are common symbols for death and the realm of the dead in the Bible. The city’s inhabitants will be completely removed from the land of the living, and they will not be found again. Since the island itself did not sink into the sea, we can conclude that wasn’t what was meant. Cities are made of people, and it is the people in it that are discussed here.
You orchestrate every world event to Your purposes. There is no power that can withstand You.