Strait of Hormuz Blockade: Shipping Routes Severely Disrupted

The Strait of Hormuz, a key shipping route, is almost entirely blocked due to ongoing conflict in the Middle East. This waterway usually sees about one-fifth of the world’s crude oil and liquefied natural gas flow through it. The war started on February 28, when the U.S. and Israel began bombing Iran, leading Tehran to retaliate and restrict access. Recently, two liquefied natural gas tankers turned back after trying to cross the strait, marking a significant moment since they would have been the first to do so since the conflict began. Since March 1, crossings have plummeted by 94 percent, with only 293 recorded. Most traffic now involves ships heading to or from Iran. Sadly, there have been 29 reported attacks on commercial ships, resulting in at least 11 deaths among sea workers. The situation is dire, and many ships are now rerouting to safer, Iranian-approved paths. Here's the thing: this blockade not only threatens energy supplies but could also impact global oil prices, affecting everyone’s wallet.