Shipowners hold off on Hormuz transit until US-Iran deal proves ‘material’

Shipowners ⁠will not resume transit through ⁠the Strait of Hormuz for weeks until they are confident that the US-Iran deal is “material”, the CEO of Japan’s Mitsui O.S.K. Lines told the Financial Times in an interview published ‌on Tuesday. The Iran war that began on February 28 with US-Israeli strikes largely stopped shipping through the transit route for around a fifth of the world’s oil and liq