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Strait of Hormuz reopening may take weeks to ease shipping backlog and oil pressure
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- It will take weeks to clear the backlog of ships in the Strait of Hormuz, industry executives and shipping experts have warned, as the critical waterway is set to reopen.
- Oil prices initially dipped below $80 per barrel on news that the U.S.
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It will take weeks to clear the backlog of ships in the Strait of Hormuz, industry executives and shipping experts have warned, as the critical waterway is set to reopen.
Oil prices initially dipped below $80 per barrel on news that the U.S. and Iran had agreed on a deal to end their war, as traders looked to the supply of oil, LNG and other goods being restored after nearly four months of war caused a maritime traffic jam of ships unable or unwilling to transit the Strait.
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