The Strait of Hormuz, a critical global oil chokepoint, will remain closed for the remainder of the year, according to a shipping agency, citing a steep decline in demand for refined petroleum products. Rising prices for refined fuels have further strained market conditions, raising concerns over supply chain disruptions and potential economic ripple effects. The closure follows ongoing tensions that have already tightened oil flows through the narrow waterway. Industry analysts warn that prolonged restrictions could deepen energy market volatility.
Strait of Hormuz will not reopen this year, agency says, warning of sharp drop in demand as refined product prices soar
