US-Iran Escalation Sparks 80% Drop in Ships Crossing Strait of Hormuz

The Strait of Hormuz, a critical chokepoint for global oil shipments, saw a dramatic reduction in maritime traffic as carriers avoided the area amid fears of escalation. The drop follows a series of confrontations between US and Iranian forces, including drone strikes and missile launches. Tass reported that the decline was driven by carriers' concerns over the latest developments in the conflict. The 108 ships that crossed the strait during the three-day period represent a significant drop from previous levels, underscoring the impact of the crisis on global trade.