The war in Iran is reshaping global shipping, as the closure of the Strait of Hormuz, a vital artery that until March carried 20% of the world’s hydrocarbon supply, forces the industry into uncharted territory. Oil and gas are still trickling out of the Persian Gulf, but only through tactics that would once have been unthinkable, such as switching off supertankers’ satellite tracking systems or transferring cargo at sea, and at exorbitant cost.
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