A crisis in one narrow passage has disrupted an industry that carries about 80 percent of the world’s trade.

Shipping traffic through the Strait of Hormuz hits a record low with only one vessel reported. Return to normal by September 30 at 5.5% YES.

The US-Iran conflict has slashed Strait of Hormuz oil transits from 21 million bpd to as low as 2 million, cutting Middle Eastern exports in