Recent developments have seen Iran's Revolutionary Guard Corps (IRGC) declare that they will attack any vessels attempting to transit the Strait of Hormuz, effectively closing this critical shipping lane. This announcement comes as major insurance providers have withdrawn war-risk coverage for ships in the region, which is vital for maritime operations. The closure of the strait, through which approximately 20% of the world's oil and gas passes, has resulted in significant delays for shipping, with around 150 vessels, including oil and LNG tankers, now stranded in the area. The situation has led to soaring freight costs and heightened concerns about the safety of seafarers and the stability of global energy supplies.
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Iran Revolutionary Guard Corps Threatens Shipping In Strait Of Hormuz
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The conflict in the Strait of Hormuz has escalated as Iran threatens to attack any ships attempting to pass through, leading to a near-total halt in maritime traffic. Major insurers have canceled war-risk coverage, exacerbating global supply chain disruptions and driving up energy prices.
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NNWnbcnews.com
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PPprofit.pakistantoday.com.pk
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