Paris – With few captains willing to brave the Strait of Hormuz as war rages around the Gulf, companies will have to do business without one of the world’s most vital shipping lanes, especially for oil and gas.
The strait is especially key to the world energy markets, with around 20% of global seaborne oil passing through.
That said, analysts believe that cutting off access, as Iran has threatened to do, will not affect the major Asia-Europe shipping route, with the Gulf ending in a cul-de-sac by the shores of Kuwait, Iraq and Iran.
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