Freightos Weekly Update: Hormuz closure pushing fuel costs back up

AI Summary

The recent closure of the Strait of Hormuz due to escalating Iranian attacks and U.S. retaliation has pushed fuel costs higher, reversing progress made towards reopening the key waterway.

Following weeks of gradually escalating Iranian attacks and US retaliations – which started soon after the sides signed the Memorandum of Understanding meant to reopen the Strait of Hormuz – the status of the key waterway has returned about to where it was before the ceasefire. Iran asserts that the strait is closed to vessels […] The post Freightos Weekly Update: Hormuz closure pushing fuel costs back up appeared first on Container News.