One hundred days ago, on 28 February, the US and Israel launched joint military operations against Iran.
The rest, as they say, is history. Destruction, death and unprecedented disruptions to the global energy market have followed, and the conflict still shows no sign of slowing.
Central to this story, particularly when it comes to energy, has been the closure of the Strait of Hormuz. This narrow waterway – about 21 miles wide – off the southern coast of Iran, has been effectively closed since the war began in the dying days of winter.
Ordinarily, around 20% of the world’s oil and gas shipments pass through the strait.
Since late February, though, logistics companies and insurance firms have been extremely hesitant to pass through it, meaning that a fifth of the global economy’s fuel has been largely stranded in the Gulf.
