Persistent tensions surrounding the Strait of Hormuz are reshaping the economies and trade routes of the Gulf and the wider world. Fewer than 20 ships transited the waterway over the weekend, with little sign of a US-Iran truce on the horizon.
Qatar, which has built its international profile off liquefied natural gas sales through the strait, has slashed spending, while Saudi officials are talking with brokers in London about devising a political risk insurance program to support shipping companies operating in the region, the Financial Times reported. Further afield, South Korea dispatched a ship to Europe via the Arctic, days after China announced a similar route, as Asian nations look to reduce their reliance on trade via the Middle East.