Iran postponed a meeting with Gulf countries, at a time of growing regional tension. The postponement comes amid new attacks on ships and oil infrastructure in the region, which have significantly increased concerns about global energy supply.
Oil prices reacted with a strong rise, climbing more than 3% following these developments. Ship traffic in the Strait of Hormuz fell to minimum levels, reflecting maritime operators' fears of further attacks in the area.
The Strait of Hormuz is one of the world's main oil routes, through which a significant portion of global crude supply passes. The drastic reduction in naval traffic through this waterway underscores the gravity of the situation and the potential impact on global energy markets.
