Shipping through Strait of Hormuz declines following Iran attack

Passage through the Strait of Hormuz, a crucial global trade route for oil and natural gas, has effectively halted amid escalating tensions following US-Israel airstrikes on Iran. With shipping companies suspending operations due to multiple tanker attacks, oil prices have surged nearly 20% this week, reaching $85.75 per barrel. Iran’s Revolutionary Guard Corps has claimed control over the strait, threatening vessels linked to the US, Israel, or Europe, leaving hundreds of seafarers stranded.

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