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For almost two months the Strait of Hormuz, one of the world’s most crucial shipping routes, has been effectively blocked as a result of the Iran war. Oil prices have spiked, inflation fears have risen and the global economy has been shaken. A fifth of the world’s oil output — and 11 per cent of all seaborne trade — is shipped via the narrow stretch separating the Persian Gulf and the Gulf of Aden. Experts fear that by taking control of the strait, Iran may be opening the door to a dangerous and costly new era of maritime trade, where…
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