Strait of Hormuz Oil Shipments Plummet Amid US-Iran Stalemate

Since late February, when tensions between the US and Iran escalated into war, oil shipments through the Strait of Hormuz have plummeted from around 20 million barrels per day to less than half that amount. The ongoing stalemate has caused significant fluctuations in global oil prices, sometimes reaching as high as $100 a barrel.

The impact is being felt worldwide, affecting economies and businesses. To mitigate this, Gulf countries are now exploring alternative routes for their oil exports.

According to sources, the affected customers in the region have expressed concerns about the situation. The economic shock experienced by these countries due to the war is considerable.