Several companies suspend fuel shipments through Strait of Hormuz amid regional tensions

Several major oil and trading companies have temporarily halted fuel shipments through the Strait of Hormuz amid escalating tensions in the region.

According to Report, citing Reuters, a senior executive from a leading trading company said, "Our vessels will remain in place for several days."

The Strait of Hormuz, located between the Arabian Peninsula and Iran, handles around 20 million barrels of crude oil and other fuels daily. Any disruption to supplies could have serious global consequences for the energy market.