Hormuz closure strands almost 1,200 cargo ships with $125bn worth of goods

The Strait of Hormuz closure has stranded nearly 1,200 cargo ships carrying approximately $125 billion in goods as of this week. This "unprecedented" blockade is raising significant concerns about the future stability of global maritime trade, according to a statement from the insurer Allianz. The disruption is impacting a critical chokepoint for global energy and trade, with potential ripple effects on supply chains and commodity prices worldwide. The duration of the blockade remains uncertain, further exacerbating anxieties among shipping companies and international markets.