Hormuz blockade hits global trade

The blockade has forced maritime transit to shift to a 'dual-corridor system,' utilizing a new southern pathway along the Omani coast to bypass Iranian-controlled waters.

Despite this, the lack of liquefied natural gas shipments through the strait risks exacerbating global energy shortages.

Indian manufacturers are reporting significant component delays as the West Asia conflict impacts the automotive and industrial sectors.

The UN Security Council is scheduled to vote on a revised resolution aimed at reopening the strategic waterway.