In excess of 1,600 vessels are currently immobilized in the Strait of Hormuz following the suspension of President Trump's Project Freedom — the initiative aimed at assisting ships through this vital waterway — after merely 48 hours, with only a pair of ships successfully making the journey. Insurers are declining to provide coverage for vessels in conflict zones, resulting in expensive tankers being left immobilized. Approximately 20 percent of global oil and LNG transported by sea typically passes through this strait, and negotiations being facilitated by Pakistan may lead to its eventual reopening.
