Oil transportation costs have sharply declined, and shipping traffic through the Strait of Hormuz has increased following a ceasefire between Iran and Israel on June 24, alleviating fears of disruptions in this crucial waterway. The UK Maritime Trade Operations reported a 4% rise in commercial traffic to 885 ships between June 23-29, signaling a return to normalcy after a 12-day conflict.
Explain It To Me Like I’m 5:
Oil shipping costs are going down and more ships are passing through a busy waterway called the Strait of Hormuz because Iran and Israel have stopped fighting, making it safer for boats to travel there.
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