Strait of Hormuz Shipping Crisis Worsens as Transits Plummet
Shipping through the Strait of Hormuz has nearly halted after a U.S.-Iran interim peace agreement collapsed. Data from Kpler and Lloyd's List Intelligence shows transits fell to eight vessels on July 16, a 66.2% weekly drop. Recent Iranian attacks on ships and a reinstated U.S. blockade on Iran-linked shipping have caused most vessels to stop or reverse course. The traditional shipping lane remains hazardous due to mines. Meanwhile, Iran-backed Houthis announced a maritime blockade on Saudi Arabia, threatening oil supplies through the Bab el-Mandeb Strait. Oxford Economics proposed a toll system for the Strait of Hormuz, estimating Iran and Oman could raise $6.8 billion annually. The article also covers Saudi-backed EV maker Lucid Motors hiring AlixPartners to improve operations amid financial struggles.
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