Experts including Sal Mercogliano, a maritime historian at Campbell University in North Carolina and a former merchant mariner, said it was possible GPS interference played a role in the crash, especially given the Front Eagle turned at the last moment towards the ship it then collided with, a crude oil tanker called Adalynn.

The risk of Iran closing the Strait of Hormuz is real and could disrupt 20% of global oil supply. Click here for more information on Market Outlook.

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.

Conflict between Israel and Iran has rekindled fears of a disruption to a narrow waterway key to the global economy. Skyscraper-sized tankers ferry roughly one-fifth of the world’s petroleum, as well as massive cargoes of natural gas,

Located between Oman and Iran, the Strait of Hormuz is the world's most important access route for oil transportation.

There are reports that a few shipping lines may be reassessing routes, particularly the choke point of the Strait of Hormuz, given the heightened threat in the region. This could further add to the transportation cost to and from the region.

Heightened tensions in the Arabian Gulf due to the ongoing Israel-Iran conflict are reverberating across global energy and shipping markets, pushing up freight rates, disrupting vessel schedules, and reviving fears over the strategic Strait of Hormuz — a crucial artery for global oil and gas flows.

Couldn't resolve component "default" at "/:pathMatch (.*)?/:lcsId ( [0-9]\- [0-9]\- [0-9]+| [0-9]- [0-9]- [0-9]+PT [0-9]+)"