Mediation efforts continue but uncertainty remains as risks of further disruptions in international waterways grow.
Insurance rates through Hormuz are currently four times the five-year average.
Geography has handed the United Arab Emirates quite the quandary: its government wants to cut dependence on the Strait of Hormuz to “zero”, yet the ports that power its economy sit squarely inside the waterway it hopes to avoid. Jebel Ali and Khalifa ports collectively handle most of the UAE’s US$1 trillion in annual non-oil trade, much of which flows to and from Asia. Together, they form the single most vital link in a logistics corridor stretching from Singapore to Europe – a status not easily...
Asia’s economies are once again staring down the barrel of the Strait of Hormuz as the latest breakdown of the US-Iran ceasefire and Washington’s decision to impose a blockade-cum-toll threaten to keep energy costs elevated and shipping flows under strain. But economists and shipping analysts say the region is better placed to absorb the blow this time round. Oil prices jumped to a one-month high of US$84.78 a barrel on Tuesday morning as renewed fighting between Iran and the US over control of...
Data shows a decline in the number of ships - many carrying oil and gas - going through the waterway after attacks this week.
The fate of the strait is directly linked to what happens next to the world economy.