The closure of the Strait of Hormuz due to escalating tensions with Iran has led major shipping companies to halt transit through this critical waterway, jeopardizing the flow of a fifth of the world’s oil supply and causing freight rates to soar. Iranian officials have threatened vessels linked to the U.S. and its allies, while attacks on commercial ships have intensified. Despite efforts by the International Energy Agency to mitigate rising oil prices, the situation remains volatile, with significant impacts on global markets.
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