Following US airstrikes on Iranian nuclear sites, tensions in the Middle East have caused a decrease in cargo ship traffic through the Strait of Hormuz, a crucial waterway for global oil and gas transport. Shipping companies, including Bimco, report reduced transits due to heightened risk. While oil prices initially spiked, they later fell, though Goldman Sachs warns of potential $110/barrel prices if the strait is severely disrupted. Iran has threatened to close the strait, though a final decision awaits. Several major shipping companies have implemented precautionary measures, including delaying transits and increasing risk assessments.

Prepared by Rachel Morgan and reviewed by editorial team.