New York —
A fragile ceasefire that’s mostly quieted the skies over the Middle East isn’t giving shippers the nerve to brave the narrow waterway that holds the key to 20% of the world’s oil supply.
The Strait of Hormuz may be officially re-opening for business, but shipping company executives and analysts told CNN uncertainty surrounding the ceasefire is still making transit too risky right now. Explicit approval and safety assurances from Iran, clear guidance on how and when to transit and a long-term view of the strait’s future are all so far missing, shippers told CNN.