Mehdi Maslehi, an oil market expert, says that with the sharp decline in oil tanker traffic through the Strait of Hormuz

Mehdi Maslehi, an oil market expert, says that by pointing to the sharp decline in oil tanker traffic through the Strait of Hormuz, this waterway has, in practice, been placed in a state of “informal shutdown” without any official announcement.

According to him, the increase in war-risk insurance costs and the reluctance of shipowners to enter the area have affected energy supply and maritime trade, and could lead to higher oil prices, transportation costs, and the prices of goods worldwide.