Major Shipping Nations Warn of Global Trade Fragmentation Amid Strait of Hormuz Closure and Escalating Conflicts

Eighteen leading shipping nations have issued a joint statement warning that global trade is undergoing a 'structural shift' due to armed conflicts, trade wars, and extreme weather events. The statement highlighted the effective closure of the Strait of Hormuz following US and Israeli strikes against Iran in February, and ongoing military escalation between the US and Iran, which has significantly disrupted maritime supply chains and driven Brent crude prices above $100 per barrel.