The war in the Middle East also threatens to unleash a new storm in the retail sector. Shipping in the crucial Strait of Hormuz has been virtually at a standstill since this weekend, jeopardizing supplies, while costs are skyrocketing along with energy prices.
Logistical shockwave
Last weekend, several ships were attacked in the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman. Iran denies blocking this crucial traffic artery, which handles around 21,000 oil tankers and a total of approximately 34,000 ships annually, but shipping companies and insurers have now decided to avoid the route.
