The rising tensions between Iran and the US have seriously disrupted global energy markets by blocking the Strait of Hormuz. The waterway ordinarily handles approximately a fifth of the world's energy trade, and its disruption has prompted emergency responses from energy-dependent nations, including four-day workweeks and air conditioning restrictions.
As the war enters its second month, the reality remains stark. Daily transit volumes collapsed from a pre-war average of over 100 vessels to merely three or four ships. Amid this restriction, Iranian authorities granted passage to a small cohort of partner nations, leaving thousands of commercial vessels stranded.
