Strait of Hormuz Shipping Crisis Deepens as Traffic Plummets

Shipping through the Strait of Hormuz has nearly halted after U.S.-Iran tensions escalated, with transits falling 66.2% in a week. Iranian attacks and a U.S. blockade have made the traditional shipping lane too hazardous due to mines. The Houthis announced a maritime blockade on Saudi Arabia, threatening oil supplies. A toll system has been proposed as a less costly alternative to disruption. Separately, Saudi-backed EV maker Lucid Motors hired AlixPartners to improve operations amid financial struggles, drawing $800 million from its credit line with Saudi Arabia's sovereign wealth fund.

First published Aug 4, 02:54 PM UTCUpdated Jul 21, 09:59 AM UTC1 reports · 1 sources

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Opened from WirecurrentJul 21, 09:59 AM UTC

Strait of Hormuz Shipping Crisis Deepens as Traffic Plummets

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Strait of Hormuz Shipping Crisis Deepens as Traffic PlummetsFortune | FORTUNEWesternJul 21, 09:59 AM UTC

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Iran United States Houthis Saudi Arabia Oman Strait of Hormuz