Alex Abraham
The war triggered by US-Israeli strikes on Iran has pushed one of the world’s most critical maritime chokepoints — the Strait of Hormuz — to the centre of a rapidly escalating global energy crisis. Tanker traffic through the narrow passageway has plunged as shipping companies suspend operations and insurers withdraw coverage, sending oil prices soaring and forcing Gulf producers to cut exports.
Shipping activity through the strait has fallen by as much as 90 per cent, according to shipping analytics firm Kpler, as shipowners grow reluctant to risk vessels in waters increasingly threatened by missiles, drones and naval confrontation. Oil prices surged above $100 per barrel and briefly approached $120, reflecting fears that a prolonged disruption could choke off a major share of the world’s energy supply.
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