Several leading oil producers and trading firms have temporarily halted fuel shipments through the Strait of Hormuz following escalating attacks in the region, according to media reports.
A senior executive at a major trading company told Reuters that their vessels would remain stationary for the next few days as a precautionary measure, reports Al Jazeera.
Roughly 20 million barrels of crude oil and other petroleum products pass daily through the narrow but strategically vital corridor between the Arabian Peninsula and Iran. Any prolonged disruption in shipments through the waterway could trigger significant turbulence in global energy markets, analysts warn.