Hormuz Strait Reopens: What It Means for Oil Markets and Energy Security

Dubai: The reopening of the Strait of Hormuz marks the end of nearly four months of disruption that sent crude oil prices soaring and heightened concerns over global energy supplies. The Strait opened after a Memorandum of Understanding, signed by US President Donald Trump and his Iranian counterpart Masoud Pezeshkian to end the war, came into effect. The Strait of Hormuz, a narrow waterway connecting the Persian Gulf with the Gulf of Oman, handles roughly 20 per cent of global energy supplies in normal times. Shipping through the waterway was severely disrupted since February 28, when the US and Israel…