'Ceasefire or no ceasefire’: Strait of Hormuz blockade shakes global trade amid energy crisis
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A recent ceasefire agreement between the US and Iran has failed to resolve the shipping crisis in the Strait of Hormuz, with only a handful of vessels transiting the critical strait. The blockage of the strait is dampening hopes for a resolution to the global energy crisis, with over 600 vessels, including 325 tankers, still stranded in the Gulf.
The Strait of Hormuz remains blocked despite a ceasefire agreement between the US and Iran. Only five vessels crossed the strait on Wednesday, down from 11 the previous day. Over 600 vessels are still stranded in the Gulf. The US and Iran accused each other of not honoring the ceasefire deal. The blockage is affecting global oil and liquefied natural gas supplies. Oil prices have begun to rise again as markets realize the ceasefire has not resolved the crisis.
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