US blockade of Iran ports deepens global oil uncertainty after Hormuz standoff

What the report says

US Coast Guard vessels and an autonomous surface craft patrol the Strait of Hormuz, April 2023 © U.S. Coast Guard For weeks now, the world economy has been on tenterhooks, waiting for one outcome: reopening the Strait of Hormuz. In response to war with Israel and the United States, Iran has effectively closed the narrow waterway, through which about a fifth of the world’s oil and gas normally passes. Some ships have