Renewed US-Iran Conflict Drives Up Oil Prices, Disrupts Shipping in Strait of Hormuz

The escalation of tensions between the U.S. and Iran, following the declared end of their ceasefire, has led to a sharp increase in crude oil prices and a fall in stock prices, adding fresh uncertainty to the global economy. The European Union Aviation Safety Agency (EASA) has advised airlines to avoid Iranian and Iraqi airspace until August 31. The International Maritime Organization Secretary-General urged flag states, shipowners, and operators to avoid transiting the Strait of Hormuz due to safety concerns, as tanker traffic has been significantly impacted.