Hormuz closure hits global trade

Qatar LNG vessels were forced to U-turn recently after a failed attempt to transit the strait, delaying critical exports to international buyers.

The blockade has sent demand for North American oil to record levels as the world grasps for alternative supplies.

Shipping companies estimate it will take at least two months to resume normal operations even if a ceasefire is reached tomorrow.

The economic pain is spreading to Asia and Europe as transportation and fertilizer costs continue to climb.