A massive buildup of cargo ships in the Persian Gulf is due to slow recovery of traffic through the Strait of Hormuz.
According to Allianz insurance, over 1,200 ships carrying goods worth $125 billion are unable to pass through the strait.
Marine insurance expert Justus Heinrich stated: "Shipping has become a hostage to this conflict."
Despite a US-Iran framework agreement, threat levels remain high. Experts cannot objectively assess the risks.
20-25% of global oil and LNG trade passes through Hormuz. Iran has established a new body to control the strait.
