When will Strait of Hormuz be ‘safe’ for commercial shipping again?
The Strait of Hormuz, a critical waterway for global oil and LNG shipping, has been closed by Iran since late February, causing a significant disruption to the global economy and stranding around 2,000 ships. The US has announced a naval blockade of Iranian ports and the strait, and has begun mine clearance operations, which it estimates will take six months to complete.
The Strait of Hormuz, through which 20% of the world's oil and LNG is shipped, has been closed by Iran since late February. Around 2,000 ships are stranded in the Gulf, waiting to be allowed through. The US has announced a naval blockade of Iranian ports and the strait, and has begun mine clearance operations. Iran has published a map showing mined areas and an alternative route for approved ships. The US estimates it will take six months to clear mines in the strait. Insurance premiums for ships crossing the strait are expected to remain high even after the strait reopens.
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