World
Shipping Industry Faces Fuel Shortage Fears as Iran Conflict Tightens Bunker Oil Supply
The closure of the Strait of Hormuz due to the Iran conflict has cut off bunker oil supplies, raising shortage fears at major refueling hubs like Singapore. This could lead to widespread fuel scarcity, higher shipping costs, and delays in global supply chains. Shipping lines may need to adjust schedules or reduce speeds to save fuel.