Oil shipments through key strait remain blocked despite US pledge

Oil shipments through the Strait of Hormuz, a critical waterway for global supplies, remain at a standstill. This is happening despite a recent US pledge to provide insurance for tankers, which was meant to help get shipments moving again.

Analysts from JP Morgan warn that a prolonged shutdown could force major producers like Iraq and Kuwait to cut their oil output within days. Meanwhile, the price reporting agency Platts has excluded loadings from the Gulf from its pricing assessments, causing Middle East oil prices to soar.