The fragile ceasefire between the United States and Iran may have eased fears of a wider regional war, but persistent instability around the Strait of Hormuz continues to disrupt global trade, drive up energy costs and fuel a growing jobs and cost-of-living crisis.

The scale of the Hormuz supply loss intensified last month due to the US blockade of Iranian exports.

The fragile ceasefire between the United States and Iran may have eased fears of a wider regional war, but persistent instability around the Strait of Hormuz continues to disrupt…