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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The closure of the Strait of Hormuz has halted construction projects globally due to shortages of oil-derived products, leading to a sharp rise in raw material costs. Oil prices have surged significantly, while major energy companies predict that prolonged closure will result in a global supply crisis. Meanwhile, Iran has launched a digital insurance platform to ensure safe passage for vessels through the strait, reflecting ongoing tensions in the region.