Tensions in the Middle East escalate as a series of tit-for-tat strikes between Iran and the US have dealt a significant blow to efforts to reopen the vital Strait of Hormuz, a crucial shipping route that connects the Persian Gulf to the Gulf of Oman. The narrow waterway, through which over 20% of the world's oil supply passes, has been a focal point of regional instability since a series of attacks on oil tankers and US military assets in 2019. The latest round of strikes comes as the Iranian government is under increasing pressure from the international community to comply with a 2015 nuclear deal, which has been largely abandoned following the US withdrawal in 2018. As the situation continues to deteriorate, shipping companies and governments are bracing for the possibility of prolonged disruptions to global oil supplies, with far-reaching implications for the global economy.
Tit-for-tat strikes undermine efforts to reopen Strait of Hormuz
