Mohamed A. Hussein and Amr Alkazaz
After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire on Wednesday morning, with negotiations expected to begin on Friday in Pakistan’s capital, Islamabad. One of the key points in Iran’s 10‑point proposal is allowing shipping to resume through the Strait of Hormuz, through which 20 percent of the world’s oil and gas is shipped during peacetime, but which has been in effect closed almost since the start of the war, causing global oil and gas prices to soar.
Over the past six weeks, more than 100 countries have raised prices at petrol pumps. Several governments, mostly in Asia, have declared national energy emergencies and introduced strict measures to limit consumption, including work-from-home policies, shorter working weeks, fuel rationing and curfews.
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