Hormuz blockade drives up costs

The Iran war has created a 'black swan' event for the global shipping industry, with the closure of the world's most vital energy chokepoint.

Traders warn that even if a peace deal is reached, maritime traffic may not return to normal for months due to the backlog of vessels.

The crisis is driving up the price of nearly everything, from crude oil to everyday consumer goods like crayons and clothes.

Wealthy nations are scrambling to secure stocks, while vulnerable countries in the Pacific and Africa are facing severe fuel and food shortages.