"Shipping through the strait of Hormuz typically a vital artery of the world economy, with about a fifth of oil supplies and seaborne gas tankers passing through it has largely ground to a halt."
"David Solomon, the chief executive of Goldman Sachs, cautioned it would take a couple of weeks for markets to process the impact of the US-led military operation in the region."
"Today, there is not a single Iranian ship underway in the Arabian Gulf, Strait of Hormuz, or Gulf of Oman, he said in a video statement."
Global financial markets experienced significant declines following escalated US and Israeli military operations against Iran over the weekend. The Strait of Hormuz, a critical global energy corridor handling approximately one-fifth of world oil supplies, effectively closed due to the conflict. Major stock indices worldwide fell sharply, including South Korea's Kospi dropping 12%, Japan's Nikkei declining 3.9%, and Middle Eastern exchanges falling 3.5-4.7%. Oil prices continued climbing amid supply disruption fears. US military officials claimed to have destroyed 17 Iranian vessels and stated no Iranian ships remain operational in the region. President Trump offered US Navy protection for tankers transiting the strait. Goldman Sachs leadership indicated markets would require weeks to fully process the operation's economic impact.
Read at www.theguardian.com
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