Iran war and Hormuz tensions add fresh strain to global timber trade

The outbreak of open hostilities between the US, Israel and Iran has reignited fears over the security of the Strait of Hormuz, the narrow waterway that underpins a significant share of global energy and commodity flows. Iranian military warnings and the sharp reduction in vessel traffic through the Gulf have pushed oil prices higher and freight markets into renewed volatility. Roughly 20 per cent of the world’s crude oil transits through the Strait of Hormuz. In recent weeks, tanker charter rates from the Persian Gulf had already surged by more than 500 per cent amid rising tensions. Following ...