Maersk, a bellwether for global trade, suspends two key shipping services due to Iran war
Danish shipping giant Maersk on Friday temporarily suspended two services linking the Middle East to Asia and Europe as the Iran war continues to disrupt global supply chains.
The company, widely regarded as a barometer of global trade, said the decision to halt the FM1 service, connecting the Far East to the Middle East, and the ME11 Service, linking the Middle East to Europe, was a precautionary measure to ensure the safety of its personnel and vessels.
It comes as the U.S. and Israeli-led war on Iran enters its seventh day, with the expanding conflict resulting in the effective halt of shipping traffic through the strategically vital Strait of Hormuz.
The waterway is a key, narrow maritime corridor that connects the Persian Gulf and the Gulf of Oman. Roughly 20% of global oil and gas typically passes through it.
Container shipping giants, however, have suspended operations through the Strait of Hormuz since the U.S. and Israel launched attacks on Iran on Feb. 28 and rerouted vessels around the southern tip of Africa.
The update comes as the Iran war enters its seventh day and the escalating regional conflict continues to disrupt global supply chains.
www.cnbc.com
WTI crude tops $86, hits highest level since April 2024, Brent crude breaks above $89 a barrel
The oil market is worried that Gulf countries will have to shut production if tankers are unable to pass the the Strait of Hormuz.
www.cnbc.com
Iran borders the Straight of Hormuz, through which 20% of the world's oil is shipped. Anyone familiar with the geography of the region knows this. And they knew how disruptive to shipping through the straight an attack on Iran would be. You'd have to be a moron not to understand this.
Begging the question, is the inevitable impact of trump's war with Iran the reason he did not take the legal route of seeking the approval of Congress to start it?
Is it part of the plan?
Or one could ask, was a spike in the price of oil anticipated but dismissed as a price to be paid by US consumers (like the tariffs have been) worthy of the end game? I guess we'd have to know what the end game is before answering that question. Was it regime change?
Son of Khamenei Is Top Contender for Supreme Leader
Mojtaba Khamenei would likely lead country in even more hard-line direction
If it was, the war trump unnecessarily started was a reckless roll of the dice. The narrative for the rationale to start the war has constantly shifted leaving the timing of the off ramp in doubt. If Khamenei's kid becomes the leader does the war go on until he is killed too? Do we keep killing Iran's chosen leader until they pick one the master of regime change likes? If oil breaks over $90 a barrel does that change the calculus for ending the war?
Are members of the regime asking themselves these questions? Or is the US hostage to an oft used approach of trump's he has articulated quite often?
Trump’s catchphrase for any circumstance: “We’ll see”
WASHINGTON (AP) — When in doubt, President Donald Trump has a ready-made response to any questions: “We’ll see.”
On Wednesday, Trump delivered his go-to line repeatedly. Asked if he would tie debt ceiling legislation to Harvey relief: “We’ll see.” On his plans for an increasingly aggressive North Korea: “We’ll see.” And on efforts to work with the Chinese president: “We’ll see how that works out.”
On Wednesday, Trump delivered his go-to line repeatedly.
apnews.com
