Major shippers halt Hormuz transits after seizures

Major international shipping companies are reportedly staying clear of the Strait of Hormuz following the seizure of two vessels belonging to the Mediterranean Shipping Co. (MSC) by Iran's Islamic Revolutionary Guard Corps Navy on Wednesday. The Wall Street Journal, citing shipowners and analysts, reports that the seizures have caused a significant chilling effect on commercial traffic through the critical waterway. This development follows earlier reports that the world's top tanker and container ship owners had already halted transits, indicating a deepening crisis for global shipping. The continued seizures and the resulting avoidance by commercial carriers threaten to severely disrupt the flow of oil and goods, escalating economic pressure amid the ongoing US-Iran standoff.