Business|mint - news|Mar 11
US-Iran war: What’s at risk if Strait of Hormuz closes amid West Asia conflict? UN warns... | Today News
The ongoing war between US-Israel and Iran has almost brought tanker traffic through the Strait of Hormuz to a standstill, causing sharp swings in oil prices and underlining how crucial the narrow waterway is for global energy supplies, reported AP . 3 million barrels per day of crude oil transported through the Strait were bound for Asian markets, while only 16% was destined for Europe and other regions. Around one-third of the global seaborne fertiliser trade, about 16 million tonnes annually, also passes through the waterway, UNCTAD said.
4 min