The Strait of Hormuz is bleeding trade confidence again. Barely a month after Washington and Tehran signed a memorandum of understanding meant to end months of tanker attacks, the truce has come apart.
Both sides are back to trading strikes, and the world's most important oil chokepoint is once more too dangerous for many owners to risk. The fragile state of the Iran-U.S. ceasefire has sent shockwaves through the global shipping industry, with many owners opting to reroute their tankers around the Strait of Hormuz or cancel their bookings altogether.