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Economy News

The Economic Times

Economy / The Economic Times

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How the Iran war is choking off the world's oil and gas

Tanker traffic through the Strait of Hormuz has drastically reduced following U.S.-Israeli attacks on Iran, with only a handful of vessels crossing. This de facto closure threatens global energy supplies, causing oil and gas prices to surge. Shipping companies are pausing operations due to safety concerns and rising insurance costs.

5 Mar 2026 6:47 am