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safety · April 28, 2026

Hormuz Strait Blockade Creates Perfect Storm for Shipping and Energy Markets

A dual Iranian and U.S. blockade has effectively shut the Strait of Hormuz to international shipping for 60 days, driving oil prices to two-week highs while tanker markets face an unprecedented oversupply crisis. The IMO chief has warned the UN Security Council that there is 'no safe transit' through the critical energy corridor.

By MGN Editorial