Strait of Hormuz shipping grinds to a halt as US, Iran resume fighting
Shipping traffic through the Strait of Hormuz has plunged as fighting between the United States and Iran resumed, disrupting one of the world's most critical energy corridors. Brent crude has held relatively steady despite the renewed hostilities.
Shipping traffic through the Strait of Hormuz has plunged sharply after fighting between the United States and Iran resumed this week. The strait is a critical energy corridor through which roughly a fifth of the world's oil supply passes.
Shipping companies have begun rerouting vessels or temporarily halting shipments due to heightened security risks in the waterway. Some oil tankers previously stranded in the region have reportedly redirected to alternative ports such as Singapore.
Despite the escalation, Brent crude prices have held relatively steady, suggesting markets have not yet settled on a clear read of how the conflict will unfold. Analysts warn that a prolonged disruption to traffic through the strait could trigger sharper swings in global energy prices.
Read next
Syria Says Captured Damascus Bombing Suspects Linked to ISIL
Syrian authorities say suspects captured following two explosions in Damascus earlier this week are affiliated with ISIL. The blasts occurred as French President Emmanuel Macron was visiting the Syrian capital. Officials have not yet detailed the specific charges the suspects will face.
Huge crowds fill Tehran streets for Khamenei's funeral procession
Economist Justin Wolfers on the 'absurdity' of Trump's America
RBNZ governor says Middle East flare-up reinforces inflation concerns
