Conflict in the Strait of Hormuz Leaves 25 Seafarers Dead
UN reports rise in incidents and 65% drop in commercial traffic since war began
The United Nations confirmed the deaths of 25 seafarers near the Strait of Hormuz. The period accounted for runs from February through November 11 of this year.
Khaled Khiari, Assistant Secretary-General of the UN, states that the situation cannot be considered normal. The agency has recorded 136 security incidents involving vessels in the region since the beginning of March.
October saw the highest number of occurrences since the conflict started. Iranian authorities reported that three oil tankers struck naval mines while navigating restricted areas of the strait.
Commercial traffic on the maritime route is 65% below levels observed before the war. The Iranian government demands an end to sanctions and the naval blockade to allow full passage for ships.
Instability in the region puts pressure on freight costs and the security of energy supply routes. Rising geopolitical risks in strategic zones usually increases the demand for reserve assets and boosts volatility for the dollar and Bitcoin.
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