Strait Of Hormuz Closed Again: Bigger Problems Loading?

The ongoing conflict between the United States and Iran has resulted in deep financial crisis globally. This is primarily due to the restrictions on the Strait of Hormuz which is a crucial oil transport route that contributes to nearly 20% of global oil supply. 

Just under 24 hours ago, it was announced that the US and Iran have reached at a ceasefire Fire agreement and the Strait of Hormuz would be opened for all countries. 

However, the latest news that has come up a few minutes back is suggesting that Iran has decided to shut down the Hormuz effective immediately. This decision was taken by the Iran administration in view of the aerial attacks done by Israel on Lebanon. 

Iran has reportedly taken very serious offence to Israel, attacking the civil places in Lebanon and creating mass destruction and they’ve apparently shut the Hormuz in response to the same. 

This is a pretty significant decision taken by the Iranian administration, and there could be grave consequences across the globe. The chances are that the LPG and oil supply could face a severe downturn if the water route remains shut any longer. 

Over the last three weeks, India had been receiving a few vessels carrying essential supplies through the Strait of Hormuz and just when everyone thought the situation is getting better, we’re back to square one now.