Strait of Hormuz Traffic Plummets, Causing Major Global Shipping Disruptions and Rate Hikes

The ongoing conflict involving the United States, Israel, and Iran has led to a drastic 95% reduction in shipping traffic through the critical Strait of Hormuz. This disruption is causing significant increases in international freight rates, with an average rise of 12% over the past week, and daily charter rates for Very Large Crude Carriers soaring from approximately $20,000 to $55,000, severely impacting global oil, gas, and goods supply chains.