Global Shipping Costs Explode as Hormuz Disruptions Hit Key Trade Routes
The Middle East crisis has reverberated through key global shipping chokepoints thousands of miles away from the Strait of Hormuz. Following the crippled tanker traffic through the Middle East’s main oil and LNG export outlet, the Panama Canal and the Suez Canal have seen an increase in energy commo
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed since February 28, with only 8 ships transiting on September 13 versus the normal 85 per day. WTI crude is at $96.07, down 14.9% from recent highs — which means the headline has the direction exactly backward.