Maritime traffic through the Strait of Hormuz fell sharply following Iran's announcement that it had closed the strategic waterway. This repeated closure led to a significant slowdown in global shipping traffic. Consequently, the conflict and rising fuel prices have boosted consumer interest in electric vehicles across Europe.
Iran attacked a ship in the Middle East, threatening to reverse the recent sharp narrowing of war-risk insurance premiums after several days of decline.
Read the full storyIn a sharp reversal of the expectations that followed the IRGC's warning, oil prices have fallen back to pre-tension levels in the Strait of Hormuz, according to reports.
Tehran closed the vital waterway citing violations of an interim peace deal, causing shipping delays and an early spike in crude prices as diplomatic talks face hurdles.
Maritime transits through the Strait of Hormuz dropped sharply on Sunday after Iran announced the closure of the strategic chokepoint, sparking global energy supply concerns.