Chinese shipping giants Cosco and China Merchants Energy Shipping (CMES) have halted oil tanker operations through the strategic chokepoints of the Strait of Hormuz and Bab al-Mandab. This decision comes amid rising tensions in the region, where a fragile ceasefire between the United States and Iran has been under strain. The cessation of operations in these critical maritime corridors is likely to impact global oil supply chains. Market participants now place the odds of normal traffic returning by September 30 at just 8.5%.
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