Global shipping crisis: Strait of Hormuz blockade forces 90% drop in traffic, reroutes trade to Africa Iran retaliated against U.S.-Israeli airstrikes by effectively shutting down the Strait of Hormuz—a critical chokepoint handling 20% of global oil supply—threatening to attack any ships attempting passage. Daily maritime traffic plummeted from 138 ships to just 4, with oil tanker movements down 90%, paralyzing exports from Saudi Arabia, Iraq and the United Arab Emirates. Major firms like Maersk and Hapag-Lloyd rerouted shipments around Africa’s Cape of Good Hope, adding 10–20 days to delivery times and spiking fuel costs. Iraq’s Basra Port halted all crude exports (normally…
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