Hormuz closure strands almost 1,200 cargo ships with $125bn worth of goods

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The closure of the Hormuz Strait has stranded nearly 1,200 cargo ships carrying goods valued at $125 billion, causing unprecedented disruption in global maritime trade. Insurance firm Allianz has raised concerns about the long-term impact on international shipping routes.

‘Unprecedented’ blockade of the strait raises concerns about the future of global maritime trade, says insurer Allianz