Up until the end of February, a steady flow of ships bound for destinations across the world would pass daily through the Strait of Hormuz. A narrow channel running between Oman and Iran, the waterway serves as the only natural maritime link between the Persian Gulf and the global economy. That all changed on March 2, when, after days of military strikes led by the U.S. and Israel, Iran effectively closed the strait for the first time in history and warned that any ships passing through would be fired upon. Ever since, vessels moving through the channel have been attacked and set ablaze, and hundreds of tankers remain stranded. At least 1,800 people have been killed in the war, including Iran’s supreme leader Ayatollah Ali Khamenei and other top government officials.
The Persian Gulf is a linchpin of the planet’s oil and gas production; normally, roughly one-fifth of global oil and gas flows through the strait. Now, as it remains embattled, oil and gas prices have surged, and many experts warn an energy crisis is imminent. Restaurants across India are scaling back operations and warning of closures amid f... Read more
