US-Iran Conflict Blocks Strait of Hormuz, Threatening Global Oil Supply
The US-Iran conflict has disrupted shipping traffic through the Strait of Hormuz, threatening global oil supply. The dispute over control of this crucial maritime route has intensified, with US President Donald Trump claiming that the US Navy has full control.
However, Iran insists that certain conditions must be met for the strait to be fully opened, and experts say it's a stalemate between the two countries. Most commercial shipping companies are not confident in the US military's ability to ensure safe passage through the Strait of Hormuz.
The current situation has increased insurance costs for ships and made many companies hesitant to send their vessels through this route. Since the start of the war, 54 incidents of damage to ships have been reported in the Strait of Hormus and the Persian Gulf and Gulf of Oman.