Shipping through the Strait of Hormuz has slowed to a near standstill as the U.S.–Iran war intensifies. Tanker traffic has dropped dramatically after missile and drone attacks on vessels and warnings from Iran’s Revolutionary Guard. More than 150 ships are now waiting outside the waterway, while insurers and shipping firms suspend operations due to the risk. The disruption threatens roughly 20% of the world’s oil supply and has already pushed global energy prices sharply higher.

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