The Strait of Hormuz is bleeding trade confidence again, as the Iran-U.S. ceasefire unravels. 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. This latest escalation in tensions is a major blow to global trade, particularly for tanker operators who rely on the busy waterway to transport millions of barrels of oil every day.