Oil rises to $90 amid Strait of Hormuz tensions
There has been a significant decline in ship traffic through the Strait of Hormuz following escalating tensions between the United States and Iran. Maritime activity has almost come to a complete halt, according to Bloomberg Agency. The report indicated that this situation has arisen after the resumption of a naval blockade in the region, leading to a slowdown in shipping and a noticeable reduction in vessel movements. Other reports also highlighted a sharp decline in maritime activities amidst rising regional tensions and the impact this has had on global maritime traffic.
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